Company news: Valmec, Beach, Origin and more

The Yolla platform.

The Yolla platform.

PPO News provides you with a wrap of this week’s company news and movements in the Australian oil and gas industry.

Valmec has entered into an agreement to purchase the business and assets of specialist pipeline testing company APTS Pty Ltd.

Under the Business Sales Agreement (BSA), Valmec will acquire the total plant and equipment of the APTS business, approximately $5 million of long-term service contracts with Tier 1 oil and gas clients, and engage an experienced team of 55 management and staff.

Pursuant to the confidentiality of the BSA, Valmec revealed the total consideration is 100 per cent cash payable on completion of the deal, which is expected in late January.

Valmec has also secured new turnkey construction contracts in the gas and resources sectors, notably pipeline work in Western Australia and Queensland.

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