LONDON (Alliance News) - Energy and environmental consultancy RPS Group PLC on Thursday said it has struck a deal to acquire Norway's Metier Holding AS and said its energy business has had a slower-than-expected start to the year as tough conditions in the oil market dragged on its performance.
RPS said it will pay NOK267 million, or around USD22.3 million, in cash to acquire Metier, an Oslo-based project management and training services provider.
RPS said it expects the deal to be earnings accretive in the current year and said the deal will expand its non-oil and gas-focused business further.
The company added that the continued volatility in the oil and gas sector has resulted in a slower-than-expected start to the year for its energy consultancy business, with a market stabilisation it had though was developed in February proved to be fragile.
But it still expects a higher level of activity to develop over the course of the year, once specific project costs and plans have been defined by oil and gas companies, which are still grappling with their capital expenditure plans amid the falling oil price.
The group added it is also considering making further acquisitions, with the deals struck in recent months in the process of being integrated.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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