Petrofac Completes Acquisition of PGS Production Unit

Petrofac Limited has completed the acquisition of PGS Production Services. Ayman Asfari, CEO of Petrofac Limited, said: "This is an important step for Petrofac. We are delighted to be bringing this business into the Petrofac family and Petrofac looks forward to serving PGS' clients with enhanced capability. We believe our strong engineering and design track record complements the excellent operational support and operational management skills-base of PGS. We see considerable opportunities for specialist service providers to play a pivotal role as the North Sea industry faces the challenges of maturity".

Rob Pinchbeck, Managing Director of Petrofac Facilities Management, said: "Petrofac is committed to growing the existing North Sea business and to continuing to serve PGS' customers in innovative ways. North Sea operations will continue to be led from Aberdeen by Jim Atack. In addition to the opportunities in the North Sea, we also see considerable scope for developing the business internationally, particularly in areas of the world where Petrofac is already well-established."

Petrofac is a fast-growing surface facilities solutions provider for the oil and gas production, processing and refining industries. The business is focused on becoming a world leading, fully integrated, engineering, procurement and construction (EPC) and facilities management business in the oil and gas sector, with the capacity to provide financing and take equity participations in selected projects.