Petrofac has acquired Scotvalve Services Limited, a UK-based services company, from Scotvalve's management, for an initial cash consideration of £3 million. A further consideration of up to £2 million will be payable in cash and/or shares over three years, subject to achieving certain agreed performance targets.
Scotvalve, founded in 1985, has some 37 employees located at a mechanical workshop in Aberdeen from which the company provides the servicing and repair of oilfield pressure control equipment. In addition, Scotvalve has the capability to provide its services to the oil & gas sectors in the Middle East and North Africa.
Scotvalve will enhance Petrofac's mechanical services offering enabling the group to provide repair and maintenance services within a wider geographic footprint. 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.
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