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AUSTRALIAN ENGINEERING CO WORLEY PARSONS BUYS US CO INTEC.
SYDNEY, April 1 AAP - Australia's biggest engineering company, WorleyParsons Ltd (ASX:WOR) bought US-based deepwater oil and gas engineering specialist INTEC for $US108.5 million ($A118.49 million) to take advantage of the growth in offshore energy exploration.
WorleyParsons acquired the Houston-headquartered INTEC from privately-owned Heerema Group at a price equivalent to 9.5 times earnings before interest, tax, depreciation and amortisation for the 12 months ended December 31.
The acquisition will be funded by debt, Sydney-headquartered WorleyParsons said in a statement to the Australian Securities Exchange today.
Worley Parsons said global expenditure on offshore oil and gas was expected to grow to about $US250 billion per year by 2010, and the sector would continue to grow as operators pushed into deeper waters in search of energy deposits.
INTEC, with technical expertise in offshore pipelines and production facilities as well as Arctic and cold water developments, would enable Worley Parsons to service clients in deepwater locations.
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