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Thu February 27 2020

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Murphy quits Australian JV

19 Sep 17 Murphy has sold its 50 per cent stake in Australian pipeline developer MPC to private equity investors.

Murphy Pipe & Civil was set up in 2011 as a 50/50 joint venture in Australia in by Murphy of the UK and Queensland-based Pipe & Civil.

Murphy said that selling now has given it a “multiple return” on its initial investment. The buyer is Viburnum Funds/SCF Partners.

Proceeds from the sale will be re-invested in Murphy’s 10-year plan to grow revenue to £2bn by 2025.

Murphy chief executive Steve Hollingshead said: “The success of MPC shows just what a contribution Murphy’s expertise and ethos can make to a successful partnership. We leave behind a strong legacy that we are proud to have been part of and we are confident that our friends and former colleagues remaining with MPC are well-placed to continue to deliver for their customers.”

He added: “Delivering world class infrastructure is what we do well, and while the time was right for us to sell our stake in MPC, we are now looking forward to future investments. We are actively pursuing investments in development, infrastructure assets, new product launches and acquisitions, which complement our existing areas of expertise.”

Murphy continues to invest in growing its oil and gas operations in the UK and internationally, working both independently and with partners. Its Canadian joint venture, Surerus Murphy, launched in 2015, was recently chosen to deliver 185km of the $7.6bn Kinder Morgan Trans Mountain project, one of the largest ever pipeline projects in Canada.

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