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Petrofac Acquires W&W Energy Services

Gasoil News - Published on Wed, 27 Nov 2019

Image Source: W&W Energy Services
Petrofac Limited announced that it has signed a Sale and Purchase Agreement with the shareholders of W&W Energy Services to acquire an entry-level position in the US onshore Operations and Maintenance market. W&W offers Maintenance, Repair & Overhaul and Pipeline tie-in services in the Permian Basin, the world’s largest producing basin. This bolt-on acquisition is in line with Petrofac’s stated strategy to position Engineering & Production Services for growth by diversifying into new markets and geographies.

Transaction consideration comprises firm and deferred cash payments, aggregating to a total consideration of 4.5x average W&W EBITDA for the period 2019-21. Petrofac will pay an initial cash consideration of US$22 million on completion. Deferred true-up and earn-out payments will be paid based on W&W’s financial performance over the three-year period ended 31 December 2021.

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Posted By : Yogender Pancholi on Wed, 27 Nov 2019
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