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Augean forms joint venture with Scomi to offer North Sea waste management services.

M2 EQUITYBITES-May 29, 2012-Augean forms joint venture with Scomi to offer North Sea waste management services(C)2012 M2 COMMUNICATIONS http://www.m2.com

UK-based hazardous waste management specialist Augean plc (LSE:AUG) has entered into a joint venture agreement with Scomi Oiltools (Europe) Limited, the company announced today.

Under this agreement Augean will acquire a controlling stake in a new company formed from the existing operational assets of Scomi in the UK.

Augean will pay GBP2.05m for a 70% shareholding in Augean North Sea Services (ANSS), the newly created company which will provide waste management services to offshore operators in the North Sea. In addition Augean will provide a loan of GBP1.0m to allow Scomi to repay existing debt.

The joint venture will build upon the existing relationship between Augean and Scomi for the treatment of drill cuttings from offshore oil and gas exploration, using Augean's thermal treatment and disposal facilities and Scomi's offshore waste management resources.

ANSS is expected to generate annual revenues of GBP6.0m.

(USD1=GBP0.64)

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Publication:M2 EquityBites (EQB)
Geographic Code:0NORT
Date:May 29, 2012
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