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URS buys oil and gas firm Flint for £800M

Consulting giant URS has bought Flint Energy Services for C$1.25bn (£800M) expanding its presence in the North American oil and gas industry.

Under the deal the provider of engineering, construction and technical services will also take on around £143M in Flint debt.

Both URS and Flint boards of directors have approved the deal unanimously and subject to conditions being met it is expected to close in the second quarter of 2012.

URS expects to achieve a pre-tax cost synergy of up to £6.3M in 2012 with additional savings in the following years due to the economies of scale created.

“Expanding our presence in the oil and gas sector has been a longstanding strategic priority for URS,” said URS chair and chief executive Martin Koffel. “Through this combination, URS will be well positioned in segments of the oil and gas industry that we expect to have attractive margins and growth rates.

“In addition, by joining with URS, Flint will be able to offer its base of multinational clients the full range of engineering, procurement and construction management services through URS’ existing operations.”

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