PETROFAC, the international oil and gas facility service provider, was linked yesterday with the possible demerger of its interests in the Don area of the North Sea.
It was claimed Petrofac would seek to spin off its energy-development arm and have it listed separately on the Stock Exchange.
The company would not confirm the report, but said it had a strategy of creating value in assets held by its energy-development unit by leveraging the capabilities of the group’s service businesses, and of harvesting that value.
It said options regarding assets were kept under regular review and, if an opportunity arose to crystallise value on attractive terms, an announcement would be made.
Should such a transaction take place, Petrofac said it would still remain committed to further investment in the energy-development unit, which operates two fields north-east of Shetland: Don Southwest and West Don. It also has oil and gas assets in Malaysia, Algeria and Tunisia.
In the six months to June 30 last year the unit had revenue of £82.2million and earnings before interest, taxes, depreciation and amortisation of £46.7million, and is thought to be worth £615million-plus.
Shares in Petrofac closed up 19p or 1.97% at 984p yesterday, giving it a market capitalisation of £3.4billion.