RPS acquires Asia-Pac oil-spill specialist

18th Jul 2013 07:17

Energy and environment consultant RPS Group has bolstered its oceanographic services with an Asia-Pacific acquisition and suggested further group purchases are to follow.The FTSE 250 company has agreed a fee of up to 8.7m Australian dollars (A$) in cash to buy Asia-Pacific ASA (APASA), a firm connected with its 2011 purchase of US-based ASA.RPS Chief Executive Alan Hearne said: "Since the acquisition of ASA in October 2011 we have been looking for the appropriate time to bring APASA into the group. "As well as providing further support to our activities in AAP it will strengthen significantly our international presence in the oceanography market."The initial consideration of A$4.4m will rise to the full amount if and when certain operational targets are met over the next three years.Profitable APASA has had a licence to operate ASA's oceanographic research software, including oil spill mapping products, and has built strong commercial connections with ports and coastal operators, oil and gas projects in the region, from its principal bases in Queensland and Western Australia. In the year to end of June 2012 APASA made A$2.1m pre-tax profit from A$5.9m revenue, with the recently completed year indicating profits and sales have risen to A$3m and A$8.7mHearne said: "We anticipate that its recent excellent financial performance will continue and that the costs needed to integrate it will be small. He added: "The board of RPS currently anticipates that the group is likely to complete further transactions during the course of the next few months."OH