Petrofac Acquires SkillsXP
Press Release
18 May 2011
PETROFAC LIMITED
PETROFAC ACQUIRES SKILLSXP
Petrofac, the international oil & gas facilities service provider, confirms that its Training Services business has acquired the trade, assets and people of SkillsXP, from Dutch company Tritanium, for an initial cash consideration of €1 million. A further cash consideration of up to €0.5 million is payable over three years, subject to the business achieving certain agreed performance targets.
SkillsXP, a competency management software tool, was established by Tritanium in 2000 and is focused primarily on the oil & gas industry, where there are complex competency management requirements. SkillsXP delivers a holistic view of competence and compliance assurance, while enabling organisations to combine HR management with learning and development in a single integrated solution.
Petrofac has acquired the trade, software, Intellectual Property, and the 13 staff who develop and support SkillsXP from Tritanium BV. The team will continue to be based in the Netherlands and Houston led by the current management as part of Petrofac Training Services.
By working in partnership for a number of years, Petrofac and SkillsXP have already formed a relationship and developed a turnkey solution through which Petrofac's existing customers manage their internal process, from learning delivery through training management to competence management and assurance. This system complements Petrofac's existing management, technical and engineering expertise in the arena of learning, training and competence and enables the group to respond to the increasing demand for the provision of such services.
Commenting on the acquisition, Paul Groves, managing director, Petrofac Training Services said: "Global businesses, particularly those operating in demanding industries such as oil & gas, need to have assurance that the frameworks they are using for managing competency and personal development are both robust and scalable. These businesses are increasingly looking for a partner to provide single source solutions to strategic workforce management from definition of what is required, through to training to meet desired levels of competence, all supported by a database that allows this to be monitored and managed in real-time.
"The acquisition of SkillsXP, and importantly, the team that developed and now manages the software, will enhance Training Services' existing capabilities and support Petrofac to reach its aim of becoming the leading services provider to meet the complete competence assurance process challenges of the global oil & gas industry."
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
David Allchurch
Martin Robinson
petrofac@tulchangroup.com
Notes to Editors
Petrofac
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.
Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.
With around 14,000 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 20 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
This information is provided by RNS
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