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British oilfield services giant, Petrofac is farming out its 20% stake in the Greater Stella Area of the North Sea. Ithaca Energy would be acquiring Petrofac’s shares in a $292 million deal. Petrofac will utilise proceeds from the transaction towards reduction in debt, which would require a post-tax impairment charge of approximately $55m. Ithaca’s production, post-completion of the transaction, will increase by approximately 50% to 22,000 boed.
