Petrofac rakes in $146m as sale to Ithaca Energy completes

Petrofac announced on Wednesday that it has completed the sale of Petrofac GSA Holdings to Ithaca Energy UK.

The FTSE 250 company initially revealed the sale on 24 August.

Its board said the gross consideration on completion was $146m.

“Ithaca will pay a further $120m of non-contingent deferred consideration in the period 2020-2023,” the Petrofac board confirmed in its statement.

“A further $25m of contingent consideration is payable depending on field performance.”