Ausenco nabs Canadian oil sands firm

Brisbane-based group pays $15.2m for Projex Technologies as part of a broader push into sector.

Brisbane-based engineering group Ausenco has paid $15.2 million for a private Canadian oil sands firm, Projex Technologies, as part of a broader push into the high-growth sector.

Ausenco said the purchase of the engineering, construction and project management business would be immediately earnings per share accretive.

Projex would add $40 million of revenue and about $5 million in earnings before interest, tax, depreciation and amortisation in the 2014 financial year.

Ausenco said the deal supported its "strategy to expand services in North America’s high growth oil sands market".

The Canadian oil sands market 2015 capital expenditure was estimated at $23.4 billion, Ausenco said.

Projex has 220 staff and key management were "committed to remain with Ausenco".

The purchase is funded through a combination of debt and cash.

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