A further consideration of up to GBP2m will be payable in cash and/or shares over three years, subject to achieving certain agreed performance targets.
Scotvalve has 37 employees located at a mechanical workshop in Aberdeen from which the company provides the servicing and repair of oilfield pressure control equipment. In addition, Scotvalve provides its services to the oil and gas sectors in the Middle East and North Africa.
Scotvalve will enhance Petrofac’s mechanical services offering enabling the group to provide repair and maintenance services. It will form part of the offshore engineering & operations business which already owns mechanical workshop facilities in the UAE and a mechanical services JV relationship in Saudi Arabia with the Zamil Group Holding Company.
