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| Amec buys specialist in-situ oil sands business UK construction giant Amec announces that it is to acquire Bower Damberger Rolseth Engineering Limited (BDR), a specialist in-situ oil sands business, from its owner-managers for Cdn$45 million (£22 million) in cash. Based in Calgary, Canada, BDR provides specialist technical engineering services to the fast growing 'in-situ' heavy oil, gas and oil production industries. With 85 employees, it has a particular expertise in thermal recovery of in-situ oil through its Steam Assisted Gravity-Drainage (SAG-D) methods. In-situ deposits are those which lie too far below the surface to be recovered by open-cast mining. Of the initial payment, Cdn$10 million (£5 million) is deferred over three years. Up to a further Cdn$35 million (£17 million) is payable in five years' time, subject to the achievement of certain profit targets beyond a threshold over that period. Completion of the transaction is expected later in May. The Canadian oil sands represent the world's second largest reserves of oil after Saudi Arabia. write your comments about the article :: © 2008 Construction News :: home page |