Acquisition of The GeoCet Group LLC Notification of Publication of Interim Management Statement
17 April 2008
RPS announces the acquisition of Geocet, a consultancy based in the US, which provides environmental advice to the oil and gas and other industries, together with notification of the date of its first Interim Management Statement.
GeoCet was established as a Texas Limited Liability Company in 2002 and operates from offices in Houston. It provides a range of environmental services and has a particular specialism in environmental compliance and mitigation including marine mammal observation. The company has extensive experience working with oil and gas exploration companies and government agencies writing and implementing protected species watch programmes during geophysical operations and marine construction projects.
GeoCet will be integrated with RPS's existing energy business in the US. The business was purchased from the two founder directors both of whom have signed service agreements and will be remaining with RPS for at least two years. The other 29 GeoCet staff are also remaining with RPS.
In the year ended 31 December 2007, GeoCet had revenues of $4.0million (£2.1 million), profit before tax of $1.1 million (£0.6 million) and net assets of $0.3 million (£0.16 million).
RPS is acquiring the entire share capital of GeoCet for a maximum total cash consideration of $2.3 million (£1.2 million), of which $1.15 million (£0.6 million) was paid at completion. Subject to certain operational conditions being met, the balance of the consideration, $1.15 million (£0.6 million), will be paid, in two equal parts, on 16 April in 2009 and 2010 respectively.
RPS will publish an Interim Management Statement describing the Group's progress during the first quarter of 2008 at 7am on 23 April.
Brook Land, Chairman of RPS commented:
"GeoCet is a niche business with an excellent reputation. The skills which its staff bring to RPS extend further the range of support we can give our clients in the oil and gas exploration and production sector."
17 April 2008
RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the natural and built environments and the health and safety of people. We trade in the UK, Ireland, the Netherlands, Poland, North America, South East Asia and Australia and undertake projects in many other parts of the world.
|RPS Group plc|
|Dr Alan Hearne, Chief Executive||Tel: 01235 863 206|
|Gary Young, Group Finance Director|
|Justine Warren/Matthew Smallwood||Tel: 020 7457 2020|