Petrofac Romania increases capital

Petrofac worker

The British company Petrofac, one of the world leaders in the field of service for the oil industry, has decided to increase the registered capital in Romania by USD 3 million, according to a decision taken by Petrofac Solutions & Facilities Support.

The newly issued shares have been undersigned and fully paid by partner Petrofac UK Holdings Limited. The partners of Petrofac Solutions & Facilities Support are Petrofac UK Holdings Limited with 87 percent and Petrofac Facilities Management Limited from Scotland with 13 percent.

Petrofac, having a 15-year partnership with OMV Petrom for operations on nine mature deposits in Ticleni area, had increased in 2014 its share capital by USD 7 million in two tranches: the first one of USD 4 million in February and a second one of USD 3 million in June. The registered capital, increased several times during the latest years at various USD/RON exchange rates, has reached now USD 594 million. In 2010 Petrofac signed a 15-year agreement with OMV Petrom for carrying operations in Ticleni area, aiming at the increase of output by at least 50 percent by the end of 2015. According to the contract, the British company is to provide the necessary expertise and technology, as well as the necessary financial and human resources, while Petrom is to supervise the operations and to pay for the extracted oil, including by increased tariffs for extra-output. The agreement could be extended for another 10 years. In 2011 Petrofac estimated revenues of up to USD 270 million during the first five years of the contract.

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December/January 2015

June 2017