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.

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.

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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