Acquisition

8 Mar 2006 07:04

Vp PLC08 March 2006 8 March 2006 Vp plc ("Vp" or "the Group") Acquisition of Bukom Oilfield Services for £5.7m Vp plc, the equipment rental specialist, today announces the acquisition of theentire issued share capital of Bukom General Oilfield Services Limited, BukomGeneral Oilfield Services BV, Bukom Oilfield Services Singapore PTE Limited andBukom Oilfield Equipment Leasing PTE Limited ("Bukom Oilfield Services") for acash consideration of £5.7m. Bukom Oilfield Services is a leading supplier of compressors, boilers, heatexchangers, sand filters and other equipment to the global oil and gasexploration market, operating from locations in Aberdeen, Singapore and Holland.The acquired business will be merged with Airpac Oilfield Services ("Airpac"),a division of Vp plc, which operates a similar business from its locations inAberdeen, Great Yarmouth and Singapore. The business will trade as Airpac BukomOilfield Services. The combined activities will give Vp a strong presence in this highlyspecialised market. Airpac and Bukom Oilfield Services have a wealth ofknowledge and experience accumulated from over 50 years combined service to theoil and gas sector. Airpac has an established strong market presence in the European and South EastAsia markets and whilst Bukom Oilfield Services also operates in these areas,they are particularly strong in Africa and South America. For the year ended 31 December 2004, Bukom Oilfield Services reportedconsolidated profit before tax of £0.9m on turnover of £3.9m. Net assets at 31December 2004 were £3.8m. Jeremy Pilkington, Chairman of Vp plc, commented: "We are delighted to acquire the long established Bukom Oilfield Servicesbusiness which provides an ideal geographic and product compliment to Airpac'sexisting oil and gas support activities. The prospects for the global oil andgas exploration market remain very good and this acquisition places Vp in anexcellent position to support this buoyant sector". - Ends - For further information please contact: Vp plcJeremy Pilkington, Chairman Tel: +44 (0) 1423 533 445jeremypilkington@vpplc.com www.vpplc.com Neil Stothard, Group Managing Directorneil.stothard@vpplc.comMike Holt, Group Finance Directormike.holt@vpplc.comAbchurch Sarah Hollins / Justin Heath Tel: +44 (0) 113 203 1340sarah.hollins@abchurch-group.com www.abchurch-group.com Notes to Editors: The principal activity of the Group is equipment rental and associated servicesalmost entirely conducted within the UK. Vp plc listed on the London StockExchange in 1973. For the year ended 31 March 2005, Group turnover was £90.0million. The Group is now focused on six businesses: TPA TPA is a leading supplier of portable roadway systems, bridging, fencing andbarriers primarily to the UK market, but also in Ireland and mainland Europe. Hire Station Tools and specialist products for industry, construction and home owners. Torrent Trackside Infrastructure equipment and services for the railway renewals and maintenanceindustry. Groundforce Excavation support systems and specialist products for the water, civilengineering and construction industries. UK Forks Rough terrain material handling equipment for industry, residential and generalconstruction. Airpac Bukom Oilfield Services Equipment and service providers to the international oil and gas exploration anddevelopment markets. This information is provided by RNS The company news service from the London Stock Exchange