Poyry acquires local oil and gas firm

Finnish global consulting and engineering group Pöyry Energy has acquired local oil and gas engineering services company Aquarius International Consultants.

The announcement is below:

While many other companies worldwide are shedding staff and assets, Pöyry Energy in Perth, Western Australia, has just finalised acquisition of local oil and gas engineering services company, Aquarius International Consultants Pty Ltd.

The acquisition, effective from 14th May 2009, helps consolidate Pöyry's position as a major mid-tier provider of engineering services for the oil and gas industry, providing clients with an option for independent, innovative and practical solutions.

Pöyry's oil and gas expertise covers multi-discipline engineering and consulting services across the complete oil and gas asset lifecycle.

Established in 1997 by Neil Healy and Steve Naomis, Aquarius International Consultants has become one of Australia's leading independent offshore engineering and marine consultancies.

Aquarius International Consultants' engineering services include offshore structural, naval architecture and marine operations, with international oil company clients. Aquarius International Consultants has been involved in a number of Western Australia's North West Shelf deepwater developments integral to large scale LNG projects.

The Aquarius International Consultants acquisition boosts Pöyry's multi-discipline capability and capacity in its Perth office to a level where significant projects can be undertaken, including concept and front end for major development projects and EPCM services for small and medium sized projects.

These expanded services will be provided to clients on the North West Shelf, regionally in South East Asia, and globally, via Pöyry's international offices.

With Aquarius International Consultants' founders and existing staff of 12 engineers, consultants and admin staff joining Pöyry, there will be no job losses or redundancies.

"This merger is a very good outcome for both Aquarius International Consultants and Pöyry, with two like-minded companies and their highly competent staff joining forces to tackle larger projects," said Grant Innes, Pöyry's Perth-based Oil and Gas President.

"We began this acquisition long before the global financial crisis occurred, and with the great synergy and expertise that Aquarius International Consultants brings to Pöyry, we remain fully optimistic about how successful it will be. It will help recession-proof us by broadening our quality service offering and increasing order stock. We continue to grow strongly in oil and gas from our original acquisition of a 60% stake in Heymo Ingenieria back in 1988. The Aquarius International Consultants acquisition comes on the back of the acquisition of Electrowatt-Ekono in 1999 and the more recent acquisition of IGL Consultants in 2006. This acquisition underlines our commitment to Perth as a regional technology hub and fits into our overall strategy to become a recognised brand in the oil and gas industry." Pöyry's net sales in 2008 were EUR 821.7 million (AUD$1.5 billion) and it employs 8,000 experts in 49 countries.