RPS to acquire Norwegian consultancy firm

18th Oct 2013 07:06

International consultancy RPS has agreed to acquire OEC Consulting, a Norway-focused company which operates within a variety of sectors including oil & gas, infrastructure and health. OEC, which will be acquired for a maximum consideration of £31.5m cash, employs about 100 staff and engages associates on a project specific basis. In 2012 the firm generated revenue of £27m and pre-tax profit of £3.5m. Its net assets at the year-end totalled £1.83m, with gross assets of £11.7m. The consideration will be paid in four installments, although payments beyond an initial £20m will be subject to certain conditions being satisfied. Alan Hearne, Chief Executive of RPS, said: "RPS sees a significant long term opportunity to expand both its Energy and BNE businesses in Scandinavia. As we have successfully done in the past when establishing our presence in a new market, we have identified a high quality business capable of providing a platform for both organic and acquisitive growth. "OEC's experience and reputation in the oil and gas, renewables and infrastructure markets will be of great value to us."NR