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The UK listed oil and gas contractor Petrofac has confirmed that it has acquired Scotvalve Services Limited (Scotvalve), a UK-based services company, from Scotvalve’s management, for an initial cash consideration of US$4.88 million.
In a statement Petrofac also said that a further consideration of up to $3.25 million will be payable in cash and/or shares over three years, subject to achieving certain agreed performance targets.
“Scotvalve will enhance Petrofac’s mechanical services offering enabling the group to provide repair and maintenance services within a wider geographic footprint,” the statement said.
It will form part of the Offshore Engineering & Operations business which already owns mechanical workshop facilities in the United Arab Emirates and a mechanical services JV relationship in Saudi Arabia with the Zamil Group Holding Company,” it added.
Scotvalve founded in 1985, has 37 employees located at a mechanical workshop in Aberdeen from which the company provides the servicing and repair of oilfield pressure control equipment.
