Texas oil and gas
21 Jan 2005
AMEC, the UK-based project management and services company, has acquired Houston-based oil and gas engineering services company Paragon Engineering Services for $38 million in cash.
This acquisition furthers AMEC's strategy of expanding its oil and gas business and establishes the company as a Tier One contractor in Houston.
Paragon was founded in 1980 to provide engineering, design/drafting, procurement, inspection, construction management, and training services to the oil and gas industry. Its staff specialise in production facilities, platforms, compression facilities, onshore and offshore pipelines, floating production systems, and subsea systems.
The company will now be merged with AMEC's existing Houston operations and the new company, 'AMEC Paragon', will operate as part of AMEC's global oil and gas business.
Internationally, Paragon will give AMEC access to South American markets, as well as expanding AMEC's capabilities and customer base in the Middle East, Alaska, West Africa and China through complementary customer relationships and secured work.
With some 550 employees, Paragon had total turnover in 2003 of $57.9 million. Overall, the company has completed more than 3,500 projects for over 260 clients in some 30 countries.
