Petrofac to Acquire U.S. Operations & Maintenance Company W&W Energy Services

Updated 1 year 9 months ago

Petrofac has signed a sale and purchase agreement for W&W Energy Services to acquire a position in the U.S. onshore operations and maintenance market. W&W offers Maintenance, Repair & Overhaul, and Pipeline tie-in services in the Permian Basin. The transaction includes firm and deferred cash payments for a total consideration of 4.5 times average W&W EBITDA for the period 2019 to 2021. Petrofac will pay an initial cash consideration of USD 22 million on completion. Deferred true-up and earn-out payments will be paid based on W&W’s financial performance over the three-year period ending December 31, 2021.

COO of Petrofac EPS

This bolt-on provides a platform to grow EPS using a low-risk reimbursable services model in the US onshore services market. As production volumes, infrastructure support requirements and the activity of major operators rise in the Permian, we are confident that the combination of W&W’s footprint and strong local brand with Petrofac’s Engineering and Modifications capability and global track record can unlock growth.