Australian professional services firm WorleyParsons has acquired the Houston-based offshore deepwater engineering and project services company, Intec Engineering, from the Netherlands-based Heerema Group.
The acquisition price of $108.5 million represents a multiple of 9.5 times Intec’s pro forma earnings before interest tax depreciation and amortization for the 12 months ended December 31, 2007. The acquisition is scheduled to be completed on April 16, 2008. The acquisition will be funded by debt.
Intec’s clients include many energy companies, some of whom are also clients of WorleyParsons, including BHP Billiton, BP, ChevronTexaco, ConocoPhillips, ExxonMobil and Shell.
WorleyParsons and Intec have worked together under a strategic alliance on several projects and have an agreement to offer offshore oil and gas customers in the Asia Pacific region a comprehensive solution for large scale integrated deepwater facilities, subsea and marine systems projects.
As part of the transaction, Heerema and WorleyParsons have agreed on contracting principles for the provision of engineering services to the Heerema Group.