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.

Article continues below

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.