Petrofac Snags Specialist Production Engineering Company

Petrofac has acquired Eclipse Petroleum Technology Limited, a specialist production engineering company, for a total consideration of £7 million, comprised of £6 million in cash and £1 million to be satisfied with 158,177 Ordinary Shares which will vest in two years' time. Further consideration in cash and shares will be determined by the level of future profitability and in no event will exceed an aggregate total of £16 million. Eclipse, founded in 1999, now has approximately 50 employees operating from five offices worldwide comprising: Aberdeen, London, Stavanger, Houston and Dubai. Its life-of-field services include field development, production modelling and optimization, well life cycle risk management and petroleum engineering functional consulting. Eclipse now forms part of Petrofac Facilities Management and creates... [read full story]