Petrofac Limited Acquisition of W&W Energy Services (9600T)
20 Noviembre 2019 - 01:00AM
UK Regulatory
TIDMPFC
RNS Number : 9600T
Petrofac Limited
20 November 2019
Press Release
20 November 2019
ACQUISITION OF W&W ENERGY SERVICES
Petrofac Limited ("Petrofac") announces it has signed a Sale and
Purchase Agreement with the shareholders of W&W Energy Services
("W&W") 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 ("EPS")
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.
John Pearson, Chief Operating Officer, Engineering and
Production Services, said: "This bolt-on provides a platform to
grow EPS using a low-risk reimbursable services model in the US
onshore services market. As production volumes, infrastructure
support requirements and the activity of major operators rise in
the Permian, we are confident that the combination of W&W's
footprint and strong local brand with Petrofac's Engineering and
Modifications capability and global track record can unlock
growth."
NOTES
1) W&W's unaudited EBITDA for the financial year ended 31 December 2018 was US$6.6 million.
2) At completion, W&W's net debt was US$2.8 million.
ENDS
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Aaron Clark, Investor Relations & Communications Manager
aaron.clark@petrofac.com
Sophie Reid, Regional Head of Marketing and Communications
(West)
sophie.reid@petrofac.com
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
LEI 2138004624W8CKCSJ177
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil
and gas production and processing industry, with a diverse client
portfolio including many of the world's leading integrated,
independent and national oil and gas companies. Petrofac is quoted
on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and 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 clients' needs across the
full life cycle of oil and gas assets.
With around 11,250 employees, Petrofac operates out of seven
strategically located operational centres, in Aberdeen, Sharjah,
Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a
further 24 offices worldwide.
For additional information, please refer to the Petrofac website
at www.petrofac.com
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END
ACQUKUNRKWAAAAA
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