August 24, 2018 / 6:15 AM / a year ago

UK's Petrofac to sell interest in Greater Stella Area for up to $292 mln

Aug 24 (Reuters) - British oilfield services provider Petrofac Ltd will sell its interest in the Greater Stella Area in the North Sea to oil and gas operator Ithaca Energy in a deal worth up to $292 million, it said on Friday.

Petrofac, which owns a 20 percent interest in the project and has been scaling back oil and gas production, said proceeds from the sale will be used to cut debt. The company expects a post-tax impairment charge of roughly $55 million. (Reporting by Muvija M in Bengaluru; Editing by Sai Sachin Ravikumar)

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