Consultant engineering firm RPS Group, which was retained by Shell EP Ireland Ltd to work on the controversial Corrib Gas project in Co Mayo, has said it is to acquire the Australian consultancy firm Point Project Management.
RPS is acquiring the entire share capital of Point for A$31.0 million (€21.5 million), all payable in cash.
Founded in 2006, Point is headquartered in Canberra and has offices in seven other Australian cities. The company, which employs approximately 130 permanent staff, provides services to the defence, transport, residential, retail, health and commercial property development industries.
In the year to the end of June, Point had revenues of A$32.5 million (€22.6 million) and profit-before-tax of A$6.2 million (€4.3 million), after adjustment for non-recurring items. Net assets were A$1.6 million (€1.1 million), while gross assets were A$10.3 million (€7.1 million).
"Point has an excellent reputation and track record, particularly in the Australian defence sector. Its skills will complement the services RPS currently provides in Australia and enable us further to rebalance our business towards the non-resources parts of the economy," said RPS chief executive Alan Hearne.
“We anticipate Point will add to AAP profit in the second half of 2014 and make a significant contribution in 2015. The 2014 contribution is likely to be tempered at group level by the reduced activity we are seeing in our rnergy business in the Middle East as a result of political unrest in Kurdistan/Iraq,” he added.
RPS employ 5,000 people in Ireland, the UK, the Netherlands, theUS, Canada, Brazil, Africa, the Middle East, Australia and Asia.
In addition to its work on the Corrib Gas project, RPS has also advised on the Poolbeg incinerator plan and is involved in the Dublin Water Supply project, a €500 million plan to supply the capital with water from the River Shannon.
