WorleyParsons to buy Komex Environmental

WorleyParsons, an Australian company that provides technical, project, and operational support services to global resources and energy clients, announced Nov. 25 that it has signed agreements to purchase Komex Environmental, one of the world's leading environmental and water resources consulting companies. The US$25.5 million purchase is a move that will significantly enhance Komex operations and add capabilities to the power, hydrocarbon, infrastructure, and mineral & metals sectors...

WESTMINSTER, CA, Nov. 29, 2005 -- WorleyParsons, an Australian company that provides technical, project, and operational support services to global resources and energy clients, announced Nov. 25 that it has signed agreements to purchase Komex Environmental, one of the world's leading environmental and water resources consulting companies. The US$25.5 million purchase is a move that will significantly enhance Komex operations and add capabilities to the power, hydrocarbon, infrastructure, and mineral & metals sectors.

Komex's range of specialties includes water resources and environmental consulting and engineering to the resources, energy, and local government sectors. The company's services extend from initial environmental impact assessments to environmental planning and management, ongoing site monitoring, and end of operational life site remediation. It has operations in the United States, Canada and Europe, and currently employs about 420 scientists, engineers, and support staff. Komex reported revenue of approximately US$43.5 million in 2004. The U.S. operations have headquarters in Westminster, Calif., with offices in Sacramento, San Mateo, and San Luis Obispo as well as Reno, Nev., and Golden, Colo.

WorleyParsons went public on the Australian Stock Exchange in 2002. Its business is divided into the power, hydrocarbon, infrastructure, and mineral & metals sectors. The company has over 60 offices in 32 countries.

Commenting on these developments, WorleyParsons CEO John Grill said, "We see significant prospects in the Canadian market and the combination of these businesses positions WorleyParsons to capitalize on this growth. The acquisition of Komex Environmental complements and supports our existing Canadian operation, WorleyParsons MEG while providing additional capability for our global operations. As a world class supplier of key environmental and water resource services, Komex further expands WorleyParsons ability to support both the initial development and the ongoing operation of major resource projects around the globe. We look forward to the continued engagement of the management team at Komex to help us further develop this exciting opportunity."

From the perspective of Komex regional director Anthony Brown added, "We are excited about the prospect of joining WorleyParsons -- a global provider of services to the energy, resource and infrastructure sectors. We see that being a part of WorleyParsons brings both immediate and long-term benefits to our clients and staff. And our staff are very enthusiastic about taking advantage of the opportunities that exist within a larger organization, as well continuing to build our business in our existing markets."

Founded in 1977, Komex (www.komex.com) has had offices in California since 1992. Clients include federal, state and local public agencies, municipalities, industrial corporations, construction firms, property developers, private water companies and attorneys. Komex has developed multi-disciplinary teams of academically specialized, experienced individuals who focus on providing personalized and reliable responses to our clients. These teams provide an array of service in environmental geology, hydrogeology, remediation engineering, environmental planning and management, stormwater and surface water, and environmental due diligence.

Formerly known as Worley Group Limited, WorleyParsons' (www.worleyparsons.com) principal activities are the provision of engineering design and project services and provision of maintenance and reliability support services to different sectors such as hydrocarbons, minerals, metals and chemicals, industrial and infrastructure, and power and water. The group also provides infrastructure developments and development and commercialisation of technological innovation in areas such as communications, energy commerce and system integration.

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