Acquisition of Oceanfix International Limited (OIL)
20 March 2008 | 2 min read
OIL was established in 1981 and operates internationally from a base in Aberdeen. It provides hydrographic and geophysical survey consultancy services to the oil and gas exploration and production sector.
OIL will remain in its premises in Aberdeen and be integrated with RPS’s Energy business. All OIL staff have joined RPS and will be engaged in the combined business going forward. The business was purchased from the founder and managing director who is remaining with RPS.
In the year ended 31 January 2008, OIL had revenues of £10.6 million and profit before tax of £1.25 million. Net assets at 31 January 2008 were £1.96 million.
RPS is acquiring the entire share capital of OIL for a maximum total consideration of £6.5 million, all of which will be paid in cash. £3.9 million was paid at completion. Subject to certain operational conditions being met, the balance of the consideration (£2.6 million) will be paid, in two equal parts, on 19 March in 2009 and 2010.
Brook Land, Chairman of RPS commented:
“Since our move into the Energy sector in 2003 we have built a world class business. At a time when the price of, and demand for, oil and gas has increased dramatically we have adapted effectively to fast changing conditions and built a market leading combination of skills and services. Our clients value these for their breadth, flexibility and geographic reach. The addition of the renowned survey skills of Oceanfix supports and expands our service offering further.
The Group’s trading in the early months of 2008 has been good and our acquisition pipeline remains encouraging.”
20 March 2008
RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the natural and built environments and the health and safety of people. We trade in the UK, Ireland, the Netherlands, Poland, North America, South East Asia and Australia and undertake projects in many other parts of the world.
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