Petrofac has agreed to sell its stake in the Greater Stella Area (GSA) in the North Sea to Ithaca for up to £228.3 million.
The firm holds a 20% stake in the development and a 24.8% interest in the FPF1 floating production facility.
The deal will see Ithaca pay an initial sum of £113 million by or upon completion of the deal, which is expected in Q1 of 2019.
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