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Oil, Gas, Petrochemical Industry News
News Release from: AMEC
Edited by the Processingtalk Editorial
Team on 07 May 2008
AMEC acquire specialist in-situ oil
sands business
AMEC, the international engineering and project management company, is to acquire Bower Damberger Rolseth Engineering, a specialist in-situ oil sands business, from its owner-managers for CDN45million
Based in Calgary, Canada, BDR provides specialist technical engineering services to the fast growing 'in-situ' heavy oil, gas and oil production industries With 85 employees, it has a particular expertise in thermal recovery of in-situ oil through its Steam Assisted Gravity-Drainage (SAG-D) methods
This article was originally published on Processingtalk on 5 Sep 2005 at 8.00am (UK)
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In-situ deposits are those which lie too far below the surface to be recovered by open-cast mining.
The BDR reputation and capability in the in-situ segment of the market is complementary to the AMEC existing position and expertise in oil sands, where it is the market leader in the provision of upstream engineering services and project management to the surface mining sector.
Samir Brikho, Chief Executive stated: "This is an important acquisition for AMEC and one which enhances our position in the fast growing Canadian oil sands market.
It also demonstrates further progress with our strategy of geographic and capacity expansion in the energy industries, which was first communicated in December 2006".
Neil Bruce, Chief Operating Officer for the AMEC Natural Resources division, added: "By combining our leading position in the mineable segment and the BDR strong reputation in in-situ extraction, we are creating a capability that is well positioned in a market with good growth prospects".
Stuart Albion, President of BDR stated: "We are delighted to join AMEC and combine our specialist engineering capability with the total EPCM* project delivery capability of AMEC and we are looking forward to contributing to the future growth in the oil sands".
Of the initial payment, CDN10 million (GBP5 million) is deferred over three years.
Up to a further CDN35 million (GBP17 million) is payable in five years' time, subject to the achievement of certain profit targets beyond a threshold over that period.
Completion of the transaction is expected later in May.
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