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Petrofac Limited Acquisition of W&W Energy Services
20/11/2019 7:00am
UK Regulatory (RNS & others)
Petrofac (LSE:PFC)
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Today : Wednesday 20 November 2019
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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."
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Wednesday 20 November, 2019
Petrofac Limited
Petrofac secures US$120 million in EPS awards
RNS Number : 9572T
Petrofac Limited
20 November 2019
PPress Release
20 November 2019
PETROFAC SECURES US$120 MILLION IN EPS AWARDS
Petrofac Limited ("Petrofac") announces today awards and contract extensions with a combined value of more than US$120 million, delivering against the Group's strategy to position Engineering & Production Services ("EPS") for growth by diversifying into new markets and geographies.
The awards and contract extensions consist of the following:
· EPS has secured its first small-scale Engineering, Procurement, Construction (EPC) contract in Malaysia. In consortium with partner Serba Dinamik, EPS has been awarded a contract by Asean Bintulu Fertiliser (ABF) Sdn Bhd, one of Malaysia's largest fertiliser plants, for its Third Boiler Project. The ABF plant located in the central region of Sarawak, which started commercial production in 1985, is a subsidiary of PETRONAS Chemicals Group Berhad. The work scope for the 30-month project includes basic and detailed engineering, procurement, construction and commissioning of an additional package boiler (165 tonnes per hour) to improve overall plant reliability and availability and meet total steam demands of 510 tph.
· EPS has also secured a new three-year Engineering, Procurement, Construction and Commissioning (EPCC) Framework Agreement (FA) with a North Sea operator. Future projects undertaken through the FA will be supported by Petrofac's Aberdeen office, where the company is actively growing its engineering team and investing in its brownfield management system in support of its digitalisation strategy.
· The new brownfield projects awards coincide with key North Sea contract extensions for EPS, including a two-year renewal of an existing seven-asset Operations and Maintenance contract, and the extension of EPS' existing Engineering Services contract with Chevron North Sea to June 2020.
John Pearson, Chief Operating Officer, Engineering and Production Services, said: "Continued diversification into new markets, such as brownfield projects, and new geographies, such as Malaysia, are key tenets of our growth strategy. We're also once again delighted that clients in the North Sea have exercised the option to extend our support for important Operations and Maintenance and Engineering Services contracts."
Massive API build 5.954 vs -0.5 last week!
Brent is falling towards 60.
Pfc
PFC could drop to 380P again :(
worst case scenario will be if no trade deal between USA and China. Oil will drop to 50's or lower and PFC to 350-360p .