Interserve Press Office | Jan 07, 2013
Interserve, the international support services and construction group, is pleased to announce it has entered into an agreement to acquire Willbros Middle East Limited and its subsidiaries which provide oil field maintenance, construction and logistics services. These subsidiaries, the foremost of which is The Oman Construction Company ("TOCO"), will be owned 85 percent by Interserve and 15 percent by our Omani partner.
- Total cash consideration of US $41.3m1
- Expands Interserve's operational footprint in the oil and gas services market
- Transaction is expected to be EPS accretive in its first full year
The acquisition expands Interserve's service offering in Oman, a key growth market offering c. US$2.5bn of oil, gas and power contracts per annum, through a broad suite of Engineering, Procurement and Construction (EPC) and maintenance services offered to international oil companies both in Oman and across the region.
The acquired gross assets of the subsidiaries are c.US$31m, including cash of approximately US$4m. The unaudited pre-tax profits of the subsidiaries for the 10 month period to the 31 October 2012 were c.US$6m.1
Commenting on the transaction, Adrian Ringrose, CEO of Interserve said:
"Interserve sees the Middle East oil and gas sector as a key growth market and this acquisition further develops our presence in the region. As part of Interserve, we believe TOCO's growth will be accelerated through innovation, enhanced business development and a number of operational efficiencies."
Interserve is acquiring the businesses from Willbros International Finance and Equipment Limited, a subsidiary of Willbros Group Inc, the US listed oil and gas services company (NYSE Symbol WG).
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For further information please contact:
Investor Relations Manager
0118 960 2280
Director of Communications
0118 932 0123
Richard Campbell / Ian Brown
0207 307 5334
Interserve's vision is to redefine the future for people and places. We are one of the world's foremost support services and construction companies, operating in the public and private sectors in the UK and internationally. We offer advice, design, construction, equipment and facilities management services for society's infrastructure. Interserve is based in the UK and is listed in the FTSE 250 index. We have gross revenue of £2.3 billion and a workforce of over 50,000 people worldwide.