First Reserve and Petrofac launch joint venture for about $1.25 bln

First Reserve and Petrofac, an oil and gas industry service provider, have agreed to form PetroFirst Infrastructure Partners. According to terms of the deal, First Reserve plans on investing up to $1 billion in the joint venture while Petrofac intends to contribute up to $250 million in it. The focus of PetroFirst Infrastructure Partners will be on acquiring existing assets from Petrofac's Integrated Energy Services division as well as buying new energy infrastructure projects. For the first transaction under the joint venture, First Reserve is planning on acquiring 80 percent of Petrofac's floating product facilities for a total initial consideration of about $450 million.

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