By OGJ editors
HOUSTON, Apr. 2 -- Australian engineering firm WorleyParsons Ltd. plans to acquire Intec Engineering BV from Heerema Group for $108.5 million in a transaction expected to close Apr. 16.
The Intec acquisition will provide WorleyParsons with expertise on deepwater projects and also with experience in arctic developments, WorleyParsons said. Intec is based in Houston.
WorleyParsons Chief Executive Officer John Grill said the world's remaining oil reserves are being found in areas that are difficult for oil companies to reach. "The acquisition of Intec completes the missing link in our hydrocarbons business," he said.
The transaction will not affect projects under existing or pending contracts involving Intec, Heerema Group, and third parties, the companies said.
