Acquisition of Reservoir Imaging Limited
02 October 2019
Complementary addition to Energy segment
RPS, a leading multi-sector global professional services firm, is pleased to announce the completion of the acquisition of Reservoir Imaging Limited ('RIL'), an established seismic software services consultancy, for a maximum consideration of approximately £4.0 million, payable in cash. This transaction strengthens RPS' considerable expertise in the offshore Oil & Gas sector and enhances the Group's existing marine seismic capabilities.
Established in 2005, Edinburgh-based RIL delivers, via its team of sixteen high calibre staff, design, survey and quality control management services to the global Oil & Gas sector. It applies innovative 4D and 3D technology to complex survey situations to optimise efficient, quality and safety benefits for global acquisition programmes. Using its proprietary software RIL supports the planning and subsequent safe and efficient execution of offshore marine surveys.
Commenting on the acquisition, John Douglas, Chief Executive of RPS, said: "Given the rapidly changing market conditions where data and technology are key business drivers, we see RIL as an intelligent and complementary addition to our international Energy segment in which we can see genuine cross selling opportunities going forward. Immediately value creative, this business aligns strongly with our own ambitions of combining deep expertise with data and digital-age technologies to deliver high value solutions and experiences for our clients. We are delighted to welcome the team to RPS."
In the year ended 30 September 2018, RIL had revenues of £1.6 million and adjusted profit before tax of £0.35 million. The total purchase consideration for the entire issued share capital was £4.0 million, payable in cash. At completion, the vendors received £2.7 million, with £0.65 million payable on each of the first and second anniversaries of completion. Net assets on completion were approximately £1.5 million, including cash of £1.3 million.
The company was majority owned by two directors alongside an external investor who owned a minority stake. On completion, the external investor has exited whilst the two directors remain with the business.
02 October 2019
For further information:
|RPS Group plc|
|John Douglas, Chief Executive
Gary Young, Group Finance Director
|Tel: +44 (0) 1235 863 206
|Henry Harrison-Topham / Chris Lane / Tilly Abraham||Tel: +44 (0) 20 7466 5000|
Notes to Editors
Founded in 1970, RPS is a leading global professional services firm of 5,100 consultants and service providers. Having operated in 125 countries across six continents, RPS defines, designs and manages projects that create shared value for a complex, urbanising and resource scarce world.
The Group delivers a broad range of services in six sectors: property, energy, transport, water, defence & government services and resources. Services provided across RPS' six sectors cover twelve service clusters: project & program management, design & development, water services, environment, advisory & management consulting, exploration & development, planning & approvals, health, safety & risk, oceans & coastal, laboratories, training and communications, creative & digital services.
RPS stands out for its clients by using its deep expertise to solve problems that matter, making them easy to understand. Making complex easy.
RPS' London Stock Exchange ticker is RPS.L. For further information, please visit www.rpsgroup.com.