Petrofac Acquires Metering Sp

RNS Number : 5863J

Petrofac Limited

01 April 2010

 

Press Release

1 April 2010

PETROFAC LIMITED

PETROFAC ACQUIRES METERING SPECIALIST

Petrofac, the international oil & gas facilities service provider, confirms that it has acquired Stephen Gillespie Consultants Limited (SGC), a UK-based provider of metering services and systems for an initial cash consideration of £2.1 million. A further consideration of up to £1.4 million will be payable in cash over two years, subject to achieving certain agreed performance targets.

SGC, established in 1988, has some 38 employees located at its office in Grangemouth, Scotland. Initially established to provide software consultancy to flow metering control system manufacturers, the company is now focused on design and manufacture enabling it to act as a systems integrator, providing metering systems which utilise virtual flow computer technology.

SGC will enhance Petrofac's service offering within Petrofac Offshore Engineering & Operations. The acquisition of SGC will enable the group to combine its existing metering consultancy expertise and 'PARIS' allocation software with the SGC product portfolio, resulting in the ability to deliver turnkey metering solutions to the international oil & gas industry for both brownfield and greenfield projects.

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For further information contact:

Tulchan Communications Group Ltd                                  [phone]

James Bradley

David Allchurch

[e-mail]

Notes to Editors

Petrofac

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.  

The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.

Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.

With more than 11,500 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

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