Advertisement

RPS acquires US consultancy firm - UPDATE

RPS has acquired Knowledge Reservoir Group Inc., a reservoir engineering and geosciences consulting firm, for a maximum consideration of 20m dollars in order to further develop the company's energy activities.

RPS has acquired Knowledge Reservoir Group Inc., a reservoir engineering and geosciences consulting firm, for a maximum consideration of 20m dollars in order to further develop the company's energy activities.

The business operates primarily in the US, but undertakes projects in other parts of the world.

Its activities will be merged with the international activities of RPS Energy.

Advertisement - Article continues below

The cost of this integration will be incurred in 2013, reducing this year's contribution to group profit.

Alan Hearne, Chief Executive of RPS, said: "We are delighted to have been able to strengthen further our reservoir engineering and geoscience capabilities, particularly in the US, with the addition of a high quality business such as KR. The technical and geographical fit between KR and our existing businesses in this specialist area is excellent and we see increasing demand across our oil and gas businesses worldwide for this type of expertise."

In the year ended December 31st 2012 the business had revenues of $25.7m (£16.5m) and profit before tax of $3.0m (£1.9m), after adjustment for non-recurring items.

Net assets at the year-end were $14.0m (£9.0m). Gross assets totalled $26.0m (£16.7m), while net debt amounted to $5.9m (£3.8m).

NR

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020