Oil and gas services provider Petrofac is to help its clients enhance production at their mature fields after buying one of its rivals.
Oil and gas services provider Petrofac is to help its clients enhance production at their mature fields after buying one of its rivals.
It has added Caltec, a developer of specialist production technologies, to its portfolio after paying £15 million in cash for the business. The value of the deal could double if agreed performance targets are achieved in the next five years.
Gordon East, managing director of Petrofac’s facilities management division, said Caltec’s expertise will help develop his company’s production enhancement technologies.
Caltec managing director Dave Turley added: “As part of a larger organisation with numerous ongoing contracts, we believe we can demonstrate the benefit of our unique production boosting systems and inline process technology for customers operating within mature basins.”
Petrofac specialises in designing and building oil and gas facilities as well as operating, maintaining and managing those sites. It trades through three divisions: engineering and construction; operations services; and energy developments.
The company focuses on the UK, Africa, the Middle East, the CIS and the Asia Pacific region. It has 10,000 employees at centres in Aberdeen, Sharjah, Woking and Mumbai and a further 20 international offices.
Cranfield-based Caltec’s products include Wellcom, which boosts production flowrates by lowering wellhead pressures, and I-SEP, a system that allows the partial separation of gas, oil, water and solids. It also has an office in Aberdeen and 18 employees.
