StockMarketWire.com - Oil service company Petrofrac said it had agreed to acquire US onshore operations and maintenance specialist W&W Energy Services for an initial $22m plus performance-based payments.

The company also announced that it had won contracts and extensions with a combined value of more than $120m.

W&W offered maintenance, repair and overhaul and pipeline tie-in services in the Permian Basin.

Deferred true-up and earn-out payments would be paid based on W&W's financial performance over the three-year period ended 31 December 2021.

The payment sum would aggregae to a total consideration of 4.5 times W&W's average Ebitda for the period 2019-to-2021.

The contract wins, meanwhile, included one in Malaysia and two in the North Sea.

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