Petrofac buys software company

18th May 2011 08:10

Oil and gas facilities provider Petrofac has bought business partner SkillsXP from Dutch company Tritanium for an initial cash consideration of €1m.A further cash consideration of up to €0.5m is payable over three years, subject to the business achieving certain agreed performance targets. The deal enables Petrofac to get his hands on SkillsXp, a competency management software tool widely used in the oil and gas industry.The system complements Petrofac's existing management, technical and engineering expertise in the arena of learning, training and competence and enables the group to respond to the increasing demand for the provision of such services, the statement said."The acquisition of SkillsXP, and importantly, the team that developed and now manages the software, will enhance Training Services' existing capabilities and support Petrofac to reach its aim of becoming the leading services provider to meet the complete competence assurance process challenges of the global oil & gas industry," said Paul Groves, managing director of Petrofac Training Services.---jh