RPS buys Canadian training business

RPS, the natural resources, land and property consultancy group, has acquired Petroleum Institute for Continuing Education (PEICE), a Canadian based business providing geoscience and engineering training to the oil and gas industry.

The C$11.7m (£7.4m) cash purchase has been made to extend the company's geographical reach, it said.

A further two sums of £1.9m will conditionally be paid subject to certain operational conditions being met.

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The founder and joint owner of the business will be remaining with RPS after the transaction, along with all current PEICE staff, and the will work together with RPS's existing energy training teams in the UK and US to extend the range of courses offered.

In the year ended August 31st 2012 PEICE had revenues of C$7.4m (£4.7m) and profit before tax of C$2.0m (£1.3m), after adjustment for non-recurring items.

Net assets at that date were C$0.4m (£0.25m), while gross assets at the end of December 2012 were C$1.0m (£0.6m).

Alan Hearne, Chief Executive of RPS, said: "The acquisition of PEICE extends the geographical reach and capability of our existing energy training business. This remains a growth market, as technical training continues to be important for most of our E&P clients."

The share price dipped 0.09% to 226.80p by 08:23.

NR