IHRDC acquires petroleum training company Invincible Energy

ihrdcIHRDC, an oil and gas industry training business, has acquired Invincible Energy, a U.K.-based petroleum training and consultancy company. Invincible offers a variety of petroleum trading, marketing and risk management programs on a public basis each year at Cambridge University, Geneva and Singapore. They alsoinvincible teach these programs on a private, in-house basis for companies worldwide. The terms of the deal were not disclosed.

“We really value the design of Invincible’s programs and the quality of its instructors, which is why we decided to make this acquisition.” said Dr. David Donohue, President of IHRDC. “They have an excellent reputation for teaching the fundamentals of the oil markets with practical exercises and real time access to market data. Their unique program design is very similar to our time-tested petroleum workshops that offer the best way to internalize learning. It is a win-win for us and our many common clients!”

USA, Boston, MA & UK, Farnham, Surrey

RPS Group PLC acquires Petroleum Institute for Continuing Education

RPSlogoRPS Group PLC, an energy and natural resources consultancy, has acquired Petroleum Institute for Continuing Education (“PEICE”), a Canadian based business providing geoscience and engineering training to the oil and gas industry, for a maximum consideration of C$11.7 million (£7.4 million).

PEICE has been providing training to the oil and gas industry for 12 years. During 2012 it delivered over 200 courses, primarily in Canada and the US. The courses cater for a wide range of participants including recent graduates and technical and administrative support staff, as well as senior energy company staff. Course formats include open courses, in-house at client facilities and on-line delivery. peice

In the year ended 31 August 2012 PEICE had revenues of C$7.4 million (£4.7 million) and profit before tax of C$2.0 million (£1.3 million), after adjustment for non-recurring items.  Net assets at 31 August 2012 were C$0.4 million (£0.25 million).  On the same basis, gross assets at 31 December 2012 were C$1.0 million (£0.6 million).

RPS is acquiring the entire share capital of PEICE for a maximum total consideration of C$11.7 million (£7.4 million), all payable in cash.  Consideration paid at completion was C$5.7 million (£3.6 million).  Subject to certain operational conditions being met, two further sums of C$3 million (£1.9 million) will be paid on the first two anniversaries of the transaction.

The founder and joint owner (with his wife) of the business will be remaining with RPS after the transaction, along with all current PEICE staff. They will work with RPS’ existing energy training teams in the UK and US to extend the range of courses offered and the geographical reach of the business.

Alan Hearne, Chief Executive of RPS, said, “The acquisition of PEICE extends the geographical reach and capability of our existing energy training business.  This remains a growth market, as technical training continues to be important for most of our E&P clients.”

UK, Abingdon, Oxforshire & Canada, Calgary, AB

Related articles: