PRESS RELEASE 2 May 2006
PÖYRY ACQUIRES THE OIL AND GAS CONSULTING COMPANY IGL CONSULTANTS LTD
Pöyry's Energy business group has taken a major step in expanding its global presence in the oil and gas engineering and consulting sector by acquiring IGL Consultants Ltd, headquartered in Aberdeen, UK. The joining of forces is an excellent strategic fit and immediately provides Pöyry access to the UK, Norwegian, Australian and Malaysian oil and gas markets.
Established in 1989, IGL specialises in the provision of high calibre, high value-adding design, operations support and specialist consulting services to the oil and gas sector. IGL have their main operational bases in Aberdeen (UK), Stavanger (Norway), Perth (Australia) and Kuala Lumpur (Malaysia) and it has 117 employees. IGL's net sales amounted to EUR 11 million in 2005. It has a wide client base that includes international and national oil companies and the independents. IGL's senior management and key resources will take leading positions within Pöyry's Oil & Gas business area.
Steve Gough, a Director of the IGL Group, said of the joining of forces "The strategic fit between the companies is perfect for us both. Pöyry will provide the multi-discipline and project capability we have been developing within IGL, whilst IGL's operational bases and high value-adding services will enable Pöyry's strategic objectives to be realised rapidly. The extended portfolio of services combined with our objective of providing value creating solutions that we will now be offering is an interesting proposition for all of our existing clients and markets."
Following the acquisition, Pöyry's Oil & Gas business area will be offering new concepts in its business approach to each of its markets and will be focused on offering alternative contracting models to those currently used within the industry.
Grant Innes, also a Director of the IGL Group, commented "This is great news for our employees, who will have some fantastic new opportunities as well as it being clear that IGL will continue to offer all its current services, focusing on expanding these, and continuing to pursue our strategic path of 'Growing Profitable Relationships'. The combined capabilities will enable us to offer a complete multi-discipline service for the value creation and value addition phases of the project lifecycle."
Alex Campbell, Pöyry's Oil & Gas business area President commented "I look forward to growing the business with Steve, Grant and the excellent team that has been developed within IGL. The strategic fit is clear. However, more importantly, both organisations share the same values. For our clients, the joining of forces will enable us to further strengthen the existing relationships and to deliver value across a wider portfolio of services. For our people, we will be able to provide enhanced opportunities and a rewarding work environment that reflects the need for a healthy work-life balance."
Pöyry's objective is to be recognised as the leading front-end and specialist consultancy solutions provider in the major oil and gas markets.
Pöyry is a global consulting and engineering firm focusing on the energy, forest industry and infrastructure & environment sectors. Pöyry's annual net sales amount to about EUR 530 million and it employs 5600 experts.
Investor Relations Manager
Additional information by:
Richard Pinnock, President and CEO, Energy Business Group, Zurich, Switzerland
Tel. +41 76 356 2410
Alex Campbell, President, Business Area Oil & Gas, Energy Business Group, Muscat, Oman
Tel. +96 89 944 1264