01 April 2010
Petrofac Acquires Metering Specialist
Petrofac, the international oil & gas facilities service provider, confirms that it has acquired Stephen Gillespie Consultants Limited (SGC), a UK-based provider of metering services and systems for an initial cash consideration of £2.1 million. A further consideration of up to £1.4 million will be payable in cash over two years, subject to achieving certain agreed performance targets.
SGC, established in 1988, has some 38 employees located at its office in Grangemouth, Scotland. Initially established to provide software consultancy to flow metering control system manufacturers, the company is now focused on design and manufacture enabling it to act as a systems integrator, providing metering systems which utilise virtual flow computer technology.
SGC will enhance Petrofac’s existing metering service offering within Petrofac Offshore Engineering & Operations. The acquisition of SGC will enable the group to combine its existing metering consultancy expertise and ‘PARIS’ allocation software with the SGC product portfolio, resulting in the ability to deliver turnkey metering solutions to the international oil & gas industry for both brownfield and greenfield projects.
Steve Bullock VP operations, Petrofac Offshore Engineering & Operations, commented: “SGC brings specialist capability and systems to Petrofac that will expand and differentiate our offering in respect of metering services and enable us to provide managed solutions for our customers. We are delighted to welcome the SGC team to Petrofac.”