First Reserve and Petrofac to Form PetroFirst with $1.25B
June 27, 2014
First Reserve and Petrofac have agreed to create PetroFirst Infrastructure Partners, with First Reserve funding 80% of the venture with up to $1 billion and Petrofac committing up to $250 million. The first assets to be acquired will be three of Petrofac's deployed and contracted floating production facilities, which had an asset value of $454 million at the end of 2013. The total initial consideration for the deal is expected to be around $450 million of cash and assumption of existing project finance.