Oil & Gas Acquisition for Atkins
WS Atkins plc (Atkins) has strengthened its position in the oil and gas sector by acquiring Boreas Consultants Ltd for an enterprise value of £3.8 million, of which £2.8 million was paid in cash, with a further £1 million payable within two years.
Boreas specialises in the subsea engineering of oil & gas facilities and employs 35 staff, principally in Aberdeen. The business is known within the industry for its innovative solutions in areas such as pipe buckling and corrosion protection. These issues are particularly critical in inhospitable, deep-water frontier regions such as the Gulf of Mexico and West of Africa.
Atkins will integrate Boreas into its existing oil & gas business, increasing its total number of staff to 280 people. The acquisition follows the purchase, in March 2006, of MSL Engineering, an oil & gas company specialising in integrity management.
By adding a subsea capability, the acquisition enables Atkins to offer clients a complete portfolio of services to assess and manage the integrity of their offshore assets. Strong oil prices have led to a significant increase in demand for such services as companies seek to extend the lives of these assets.
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