LONDON (Thomson Financial) - Petrofac Ltd. said it has acquired Eclipse Petroleum Technology Ltd. for an initial sum of 7 million pounds, comprising 6 million in cash and one million pounds to be satisfied with 158,177 shares which vest in two years' time.
A further payment in cash and shares will be determined by the level of future profitability and will not exceed an aggregate total of 16 million pounds, the oil and gas facilities service provider said.
Eclipse, the production engineering company, will form part of Petrofac facilities management, the company added. TFN.newsdesk@thomson.com ami/ajb COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
A further payment in cash and shares will be determined by the level of future profitability and will not exceed an aggregate total of 16 million pounds, the oil and gas facilities service provider said.
Eclipse, the production engineering company, will form part of Petrofac facilities management, the company added. TFN.newsdesk@thomson.com ami/ajb COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.