Scandoil  

Bowleven reaches mutually acceptable agreement with Petrofac


Published Jul 16, 2014
Bowleven Plc

Bowleven has reached a mutually acceptable agreement with Petrofac to terminate the Strategic Alliance Agreement. This satisfies one of the conditions of the LUKOIL and NewAge farm-out transaction announced on 24 June 2014. The termination agreement is subject to completion of the farm-out.

Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the Strategic Alliance Agreement shall terminate.

Tags: Bowleven Plc




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