AMEC spends big in Brazil

International engineering firm AMEC buying a stake in a Brazilian oil and gas company as it builds its presence in the largest deepwater market in the world.

The agreement will mean AMEC acquires a 50% stake in Kromav Engenharia from its owner managers for $12.5m in cash.

Kromav is a privately owned Brazilian offshore oil and gas and marine engineering company based in Rio de Janeiro.

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It has a team of around 200 people specialising in engineering services for offshore platforms, FPSO (Floating, Production, Storage & Offloading) vessels and other marine applications.

Simon Naylor, President of AMEC's Natural Resources Americas business, said investing in Brazil was one of the key factors in delivering its strategic plan, called Vision 2015.

"The combination, AMEC KROMAV, will be able to better assist customers and regional operators in the largest deepwater market in the world."

Vision 2015, announced in December 2009, has the goal of more than doubling group earnings per share to over 100p in 2015, fro 43.4p in 2008.