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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Higher rates are disappearing – should you fix your savings?
Fixed savings rates have dropped to their lowest levels in over a year. Should you fix your savings now ahead of a potential base rate cut in November?
By Katie Williams Published
-
Nine million people fall victim to financial scams, says Citizens Advice
The charity says that around one in five people across the UK have been caught out by a finance scam in the past year - here is how to protect your money
By Chris Newlands Published