Petrofac in bolt-on acquisition

14th Jan 2010 07:57

Oil and gas facilities service provider Petrofac has completed the bolt-on acquisition of mechanical services business Scotvalve Services.Petrofac is paying an initial £3m for the Abderdeen-based business, with up to a further £2m payable depending on performance over the next three years.Scotvalve services and repairs oilfield pressure control equipment. Though its geographical location means it is ideally located for North Sea work it and can also provide services to the oil and gas sectors in the Middle East and Africa, Petrofac said.The business will be integrated into Petrofac’s Offshore Engineering and Operations business which already has similar workshop facilities in the United Arab Emirates.