Australian gas sampling services provider ALS has agreed to acquire UK-based oil and gas firm Reservoir from SCF Partners for about $533m.
Reservoir has a portfolio of brands and operational experience in more than 60 countries.
The company has relationships with national and international oil firms, independent oil companies and global service providers to the oil and gas industry.
The acquisition is expected to create revenue synergies utilising the combined platform of Reservoir with ALS’ laboratory testing capabilities.
ALS managing director and chief executive officer Greg Kilmister said the acquisition will expand the company’s capabilities in upstream oil and gas and will complement its existing laboratory services.
Kilmister noted that Reservoir does not offer laboratory services, while ALS brings that capability to the company’s services suite and the combined businesses will provide a new offering.
"ALS intends to build at least three oil and gas hub laboratories, strategically placed to service the global market," Kilmister added.
Apart from Reservoir, ALS has also agreed to acquire Australia-based Earth Data, a provider of sampling and analysis services to oil, gas and coal industries.
Earth Data operates laboratories in Brisbane and the Hunter Valley and employs about 60 people.