LONDON (dpa-AFX) - Petrofac Limited (PFC.L) announced acquisition of W&W Energy Services, which offers Maintenance, Repair & Overhaul and Pipeline tie-in services in the Permian Basin.
Petrofac expects to pay an initial cash consideration of $22 million on completion, with transaction consideration comprising firm and deferred cash payments, aggregating to a total consideration of 4.5x average W&W EBITDA for the period 2019-21.
Petrofac noted that this bolt-on acquisition is in line with its stated strategy to position Engineering & Production Services for growth by diversifying into new markets and geographies.
In a separate statement, Petrofac announced awards and contract extensions with a combined value of more than $120 million, delivering against its strategy to position Engineering & Production Services for growth by diversifying into new markets and geographies.
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