AusGroup acquires Subsea Pressure Controls

20 December 2011: AusGroup Limited has purchased assets and operations of Singapore-based Subsea Pressure Controls Pte Ltd as an addition to its Fabrication and Manufacturing business. The initial purchase consideration of S$5.0 million will be made up of a combination of shares and cash, with an additional S$3.8 million earn-out being payable over the next few years bringing the maximum purchase price to S$8.8 million.

The privately owned company was formed in 2009 to provide manufacture, repair and rental services to the Oil and Gas industry across Asia. The acquisition provides AusGroup with immediate value creation through combining both companies’ unique capabilities, while allowing AusGroup to grow its Singapore business through direct entry into the sub-sea repair, maintenance and upgrade market in the industry.

Source: Yourindustrynews