Petrofac does not deny demerger report

1st Feb 2010 07:52

Petrofac, the oil & gas facilities service provider, refused to deny it plans to spin off its North Sea assets, saying it keeps its options under regular review.The FT reported earlier that the FTSE 100 group is in talks to spin off its North Sea oil and gas assets into a separate listed company as it seeks to realise the value of its energy investments.In a statement, Petrofac, which has interests in the Don area of the North Sea, added, 'Petrofac has a strategy of creating value in assets held by its Energy Developments unit by leveraging the capabilities of the group's services businesses, and of harvesting that value, as and when appropriate.' 'Options with regard to individual assets are kept under regular review and if an opportunity arises to crystallise value on attractive terms for our shareholders, an announcement would be made at that time.''Should such a transaction take place, Petrofac remains committed to further investment and value creation in its Energy Developments business,' it added.