The partners say they will offer offshore oil and gas customers in the Asia-Pacific comprehensive solutions for large-scale integrated deepwater facilities, subsea and marine systems projects.
The companies said complementary technical and project management skills, geographic presence and oil and gas services would enable them to offer concept studies through to full project delivery.
“This initiative has been established in recognition of the emerging market in Asia-Pacific for large-scale, integrated total delivery projects to meet the region’s energy challenges by providing customers with a one-stop, best-in-class solution for ‘sea-floor to onshore’ projects,” the two companies said in a joint statement.
WorleyParsons and Intec said they have a strong track record in working together on projects including BHP Billiton's Stybarrow and Pyrenees developments, Woodside Petoleum's Wanea-Cossack, and ConocoPhillips' Bukit Tua scheme in Indonesia.
The WorleyParsons-Intec Alliance will be based in Perth and Singapore.
WorleyParsons takes over SEA
In a move to expand its offshore hydrocarbon engineering capability and resources, WorleyParsons has acquired 100% of Houston-based SEA Engineering for $US25 million ($A32 million), WorleyParsons chief executive John Grill said this morning.
“The acquisition of SEA adds a capability in floating offshore structures to WorleyParsons’ strong capability in fixed offshore production facilities, platforms and pipelines,” Grill said.
SEA is a privately owned engineering company operating in the upstream deepwater sector. It provides complete engineering services including concept evaluation and selection; front-end engineering; detailed design; installation support; operational and maintenance planning and support; and removal and relocation planning of floating systems of all types.
The company operates in the Gulf of Mexico, South-East Asia and the Pacific Rim, and West Africa.
SEA currently has 150 employees. Revenue for the 2006 calendar year was about $26.5 million, slightly higher than the acquisition price of about $25 million, which comprises a fixed component of $18.2 million and a deferred incentive-based component.
The purchase price represents a multiple of about five times average earnings before interest and tax for the 2005, 2006 and 2007 years, according to WorleyParsons.
Strong results for Worley
WorleyParsons also said this morning that its results for the first half of the 2007 financial year have been “ahead of expectations”.
The company said it has experienced a continuation of favourable trading and business conditions across its operations in the 2006-07 financial year to date.
“Whilst the external audit and final internal accounting and assurance processes for the interim result have yet to be completed, based on an initial review the net profit after tax for the six months to December 31, 2006 is expected to be more than 15% higher than that reported for the six-month period from January 1, 2006 to June 30, 2006,” chief financial officer David Housego said.
“Subject to conditions remaining favourable in all its markets, the company expects further increased earnings in the second half of the 2007 financial year.”
Last year, WorleyParsons reported a 109.3% jump in annual net profit to a record $139.1 million for the 2005-06 financial year.
