Petrofac snaps up UK subsea services firm
Oil and gas market services group Petrofac has acquired UK-based subsea pipeline consulting and engineering services firm KW Limited for an undisclosed sum.
Oil and gas market services group Petrofac has acquired UK-based subsea pipeline consulting and engineering services firm KW Limited for an undisclosed sum.
KW Limited, based in Fetcham, near Working, is said to have an established reputation in the subsea pipeline market and has gross assets valued at £2.7m at March 31st 2011.
It has 56 employees and will become part of Petrofac's Engineering & Consulting Services division.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Martin Barnes, the general manager of that division, commented: "KW is a well-established business with an excellent technical reputation and a diverse customer base."
"The business complements our existing engineering services skills whilst adding valuable subsea capability that will enable us to develop our leading engineering proposition offshore. We are delighted to welcome the KW team to Petrofac," he said.
BC
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published