Petrofac to ‘build momentum’ in North Sea, needs resolution to fraud probe

Petrofac said yesterday it plans to “build momentum” in its core North Sea business after agreeing to sell its stake in the Greater Stella Area development.

The energy services giant posted a pre-tax loss for the first half of the year of £40.4m, in part due to a £61.4m pre-tax impairment charge as a result of the GSA sale.

Last week Petrofac agreed to sell its 20% interest in the central North Sea production hub, along with its 24.4% in the FPF-1 floating production facility to Ithaca in a deal which could fetch the business up to £228m.

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