Petrofac, First Reserve enter floating production venture
Petrofac is teaming with First Reserve to form PetroFirst Infrastructure Partners.
LONDON – Petrofac is teaming with First Reserve to form PetroFirst Infrastructure Partners.
The venture, funded 80% by First Reserve and 20% by Petrofac, will purchase various assets from Petrofac’s Integrated Energy Services division, and also plans to enter new infrastructure projects using Petrofac’s development capability.
Under the first transaction, First Reserve plans to buy 80% of Petrofac’s deployed and contracted floating production facilities for $450 million. Petrofac FPSO Holding currently owns interests in theFPSOBerantai, the FPF3 (formerly Jasmine Venture), and the FPF5 (ex-Ocean Legend).
Petrofac may be asked to repurchase one or more of the facilities or its holding companies for between $39 million and $105 million at the end of their deployments.