Petrofac to float low-growth North Sea fields with Lundin

By Rowena Mason Published: 6:45AM GMT 05 March 2010

Petrofac

Petrofac, the engineering services group, and Lundin, a Norwegian oil explorer, hold the low-growth resources will perform improved on a standalone basis.

They will list the company, called EnQuest, on the London Stock Exchange in a understanding that is expected to send it true in to the FTSE 250.

Sharm el Sheikh, Egypt: The captivate of object and sea The sweet, movable symbol of shaft Tory subdivision authority apologises for comments on tasteful women MPs Venture Production hopes dashed on North Sea gas well German association invents hit lenses for animals

Amjad Bseisu, the new arch senior manager of EnQuest, who formerly ran the fields for Petrofac, pronounced shopping new North Seaassets represents an "exciting opportunity" for a new association with free money upsurge and no debt.

EnQuest is expected to see for one some-more medium-sized fields containing 10m to 20m barrels of oil.

The new association will be 45pc owned by shareholders in Petrofac and the residue by investors in Lundin if the levity goes ahead.

Petrofac pronounced the owner and vital shareholder Ayman Asfari will sell a little of his shares in the new entity to institutional investors, concealment him millions of pounds. He now has a 15pc interest in Petrofac value �580m, creation him one of Britain"s richest arch executives.

"We"ve had discussions for a long, prolonged time about spinning off the resources but critical talks about this understanding have usually been going on given the finish of last year," Mr Bseisu said.

"Petrofac and Lundin were happy with the fields, but it creates vital clarity for them to combine on their core businesses. We will be means to give them some-more care."

EnQuest will be formed in Aberdeen and occupy about 200 staff now operative at Lundin and Petrofac.