Australian energy services company Valmec has signed an agreement to acquire the business and assets of engineering equipment company APTS.
As per the deal, Valmec will acquire the plant and equipment, work in hand, inventory, intellectual property, licences and accreditations of the APTS business.
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The proposed acquisition will enable the company to have immediate access to new pipeline testing abilities, shutdown and maintenance services delivering additional recurring revenue streams.
Furthermore, the transaction will allow expansion of the company’s contractor model providing engineering, procurement, construction (EPC), servicing and maintenance services to the energy and infrastructure markets.
Valmec managing director Steve Dropulich said: “This acquisition and the opportunity to leverage off Valmec’s growing footprint within the expanding Australian gas sector aligns perfectly with our strategy of delivering value to our clients across every aspect of our operations.”
Through the acquisition, the company will have access to long-term service agreements worth $5m and submitted tenders totalling $13m with existing clients.
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By GlobalDataThe client base of APTS includes Chevron, Woodside, Shell, Origin Energy and APA Group.
Valmec expects to broaden its business capabilities through the acquisition and have additional exposure to higher value EPC projects further up the supply chain.
APTS provides non-destructive testing (NDT) services, hydrostatic and pneumatic pressure testing, as well as engineering support services to the oil and gas sector.
