Petrofac acquires interest in Gateway Gas Storage in the East Irish Sea

Petrofac has acquired a 20% interest in Gateway Storage Company Limited, to progress and develop the Gateway Gas Storage project in the East Irish Sea. The cash consideration could be up to £33 million over time, funded from cash resources. This is split into a fixed upfront payment and additional contingent payments subject to key project development milestones being achieved, including the outcome of a further successful equity sales process. 
[Read more]
Source: Press release