International oil & gas facilities service provider Petrofac (LSE: PFC) said it has acquired metering services and systems specialist Stephen Gillespie Consultants Ltd (SGC) for an initial cash consideration of 2.1 million, with up to 1.4 million in performance-based payments over two years.
According to Petrofac, the acquisition of SGC and the combination of its existing metering consultancy expertise and its 'PARIS' allocation software with the SGC product portfolio will give it the ability to deliver turnkey metering projects to the international oil & gas industry for both brownfield and greenfield operations.
Grangemouth-based SGC was initially established in 1988 to provide software consultancy to flow metering control system manufacturers. The company has subsequently focused on design and manufacturing, which has enabled it to act as a systems integrator. SGC now provides metering systems which utilise virtual flow computer technology.
SGC will be incorporated into Petrofac's Offshore Engineering & Operations unit.
http://www.proactiveinvestors.co.uk/companies/news/15161/petrofac-acquires-metering-specialist-sgc-for-up-to-35m-15161.html
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