20th Mar 2008 07:01
RPS Group PLC20 March 2008 RPS GROUP PLC ("RPS" or "the Group") Acquisition of Oceanfix International Limited ("OIL") RPS announces the acquisition of OIL, a UK based consultancy providing advice tothe oil and gas sector on an international basis. OIL was established in 1981 and operates internationally from a base inAberdeen. It provides hydrographic and geophysical survey consultancy servicesto the oil and gas exploration and production sector. OIL will remain in its premises in Aberdeen and be integrated with RPS's Energybusiness. All OIL staff have joined RPS and will be engaged in the combinedbusiness going forward. The business was purchased from the founder andmanaging director who is remaining with RPS. In the year ended 31 January 2008, OIL had revenues of £10.6 million and profitbefore 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 totalconsideration of £6.5 million, all of which will be paid in cash. £3.9 millionwas paid at completion. Subject to certain operational conditions being met,the balance of the consideration (£2.6 million) will be paid, in two equalparts, 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 classbusiness. At a time when the price of, and demand for, oil and gas hasincreased dramatically we have adapted effectively to fast changing conditionsand built a market leading combination of skills and services. Our clientsvalue these for their breadth, flexibility and geographic reach. The additionof the renowned survey skills of Oceanfix supports and expands our serviceoffering further. The Group's trading in the early months of 2008 has been good and ouracquisition pipeline remains encouraging." 20 March 2008 RPS is an international consultancy providing advice upon the development ofnatural resources, land and property, the management of the natural and builtenvironments and the health and safety of people. We trade in the UK, Ireland,the Netherlands, Poland, North America, South East Asia and Australia andundertake projects in many other parts of the world. ENQUIRIES RPS Group plcDr Alan Hearne, Chief Executive Tel: 01235 863 206Gary Young, Group Finance Director College HillMatthew Smallwood Tel: 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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