REG - AMEC PLC - AMEC acquires stake in Brazilian oil & gas company
AMEC acquires stake in Brazilian oil & gas company
AMEC, the international engineering and project management company, announces today that it has signed an agreement to acquire a 50 per cent stake in Kromav Engenharia Ltda (KROMAV) from its owner managers for $12.5 million in cash. Completion is expected later in the year.
KROMAV is a privately owned Brazilian offshore oil and gas and marine engineering company based in Rio de Janeiro, with a team of some 200 people specialising in engineering services for offshore platforms, FPSO (Floating, Production, Storage & Offloading) vessels and other marine applications.
Combining KROMAV's local reputation and engineering expertise with AMEC's international major project delivery capability will support AMEC's Vision 2015 strategy to develop fully integrated service capabilities in Brazil.
"This investment in Brazil is one of our foundations to delivering Vision 2015 in the oil and gas market and we are proud to associate ourselves with the technical expertise of KROMAV," said Simon Naylor, President of AMEC's Natural Resources Americas business. "The combination, AMEC KROMAV, will be able to better assist customers and regional operators in the largest deepwater market in the world."
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AMEC plc +44 (0) 20 7539 5800
Sue Scholes, Director of Communications
Nicola-Jane Brooks, Head of Investor Relations
Brunswick Group LLP +44 (0) 20 7404 5959
Mike Harrison and David Litterick
Notes to editors:
AMEC (LSE: AMEC) is a focused supplier of consultancy, engineering and project management services to its customers in the world's oil and gas, minerals and metals, clean energy, environment and infrastructure markets. With annual revenues of some £3.3 billion, AMEC designs, delivers and maintains strategic and complex assets and employs over 29,000 people in around 40 countries worldwide. See amec.com.
AMEC's track record in delivering FPSOs includes involvement in 50 global projects, including Shell's Bonga FPSO, ExxonMobil's Kizomba A&B FPSOs, Petrobras' P63 FPSO and the Marine Well Containment System for the Gulf of Mexico. In addition to engineering related services, AMEC also has a 25 year track record of delivering training and development services. This includes training over 10,000 people in a range of technical based services including those related to the FPSO market, as well as the establishment more recently of the AMEC Academy.
The acquisition will further strengthen AMEC's presence in Brazil. In São Paulo and Belo Horizonte, AMEC provides consulting and engineering services for the pulp & paper and mining industries. In 2012 AMEC set up a new oil and gas base of operation in Rio de Janeiro which complements the expertise of the new joint venture.
KROMAV is a company specialising in marine and offshore engineering design. It was established in October 1996 in Rio de Janeiro. Their customers include Petrobras, OSX, and major EPC (engineer, procure, construct) companies and they have worked on over 400 marine and offshore projects. The team has worked on major EPC contracts for over 20 years. See www.kromav.com.br
This information is provided by RNS