Offshore staff

LONDON -- Petrofac has acquired a 51% interest in SPD Group Ltd. for $7 million, comprised of $5 million in cash and $2 million through the issue of 274,938 new ordinary shares. Petrofac may acquire the remaining 49% of SPD for a cash consideration which will be determined by the level of future profitability but which will not exceed $30 million.

"We are delighted with this acquisition which brings in-house an important service capability as we seek to provide a broader offering to our clients," says Ayman Asfari, group chief executive of Petrofac. "SPD's management team has achieved a significant presence in its market and we look forward to working with them to continue this growth."

01/18/2007