The transaction will close following approval being granted by the Norwegian Competition Authority which is anticipated in approximately one month.
OEC was founded in 1984 and is headquartered in Oslo. It was initially focussed on providing project management services to the growing North Sea oil and gas industry, helping to pioneer the development of the Norwegian sector. Subsequently, it has operated in other markets in Norway, particularly in relation to infrastructure.
OEC Group employs about 100 staff and engages associates on a project specific basis. All the shareholders in OEC and the subsidiaries are employees and will be remaining with the group when the transaction closes.
In the year ended 31 December 2012, OEC Group had revenues of NOK255m (£27m) and profit before tax of NOK32.9m (£3.5m).
RPS is acquiring the entire share capital of OEC Group for a maximum total consideration of NOK300m (£31.5m), all payable in cash. Consideration to be paid to the vendors at closing is NOK190m (£20m). Subject to certain operational conditions being met, three further sums will be paid to the vendors.
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