A further £15m will be paid in cash and/or shares over the next five years, subject to the achievement of certain agreed performance targets.
Caltec, majority-owned by its management and employees, is a specialist production technology company with products aimed at the enhancement of production from mature fields.
These include its Wellcom system which boosts production flowrates by lowering wellhead pressures, and its I-SEP system which allows the partial separation of gas, oil, water and solids.
Through the acquisition of Caltec, Petrofac is now able to offer production boosting and partial separation as further tools in its production enhancement armament.
Caltec has a long-standing association with Cranfield University and, with another office in Aberdeen, UK, employs 18 people. It was formed as a management buy-out from previous employers in 2003.