Printer Friendly

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

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.


((Comments on this story may be sent to

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Geographic Code:0NORT
Date:May 29, 2012
Previous Article:Ace Metrix completes USD8m financing round.
Next Article:WPP's KBM Group invests in French company Predictys.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters