Ausenco Limited (AAX) has acquired a 50% equity interest in Kramer Group, a leading Papua New Guinean-based engineering company, providing a strategic local presence and access to the region’s growing energy and resources market.
Ausenco Chief Executive Officer Zimi Meka said “the acquisition solidifies Ausenco’s presence in an area of strategic importance to the oil and gas and resources sectors and enhances the solutions that Ausenco and Kramer offers to key clients in the region.” “KramerAusenco will provide a strong local presence and extensive infrastructure expertise in the South Pacific region, where investment in natural gas, gold and base metals is expected to grow significantly in the near future,” Mr Meka said. “Kramer’s local experience, combined with our global expertise and strong balance sheet support, positions us well to deliver the significant projects planned for this region. Kramer Group already has a familiarisation with some of these projects, having provided early works services to support the multi-billion dollar PNG LNG project.”
With annual 2008 revenues of $7 million, Kramer Group has been operating for over 30 years and is the largest engineering and project management company in the South Pacific region. Ausenco will have representation on the KramerAusenco Board, while KramerAusenco will have access to the full suite of Ausenco services and capital management. KramerAusenco’s results will form part of Ausenco’s process infrastructure business line.
The Ausenco Group provides world leading engineering, project management and operations solutions to the global resources and energy sectors. From 26 offices in 13 countries, the group combines expertise, experience and resource capabilities to deliver innovative solutions to the minerals, infrastructure, energy, oil and gas and consulting and environmental sectors across the full project lifecycle, from front end solutions, through innovative engineering and EPCM delivery to operational support.
www.ausenco.com