Omni Energy buying Texas firm for $10M |
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Tue, 30 Jan 2007 19:21
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CARENCRO, La. (AFX) - Carencro-based Omni Energy Services will Corp. buy the seismic contracts and other assets of Cypress Consulting Services Inc., of Houston, for about $10 million.The purchase is intended in part to help solve a labor shortage that Omni has experienced since Hurricane Katrina scattered much of the region's work force.'By integrating this contract labor work force into our employee-intensive business units, we hope to periodically draw upon this available work force to fulfill temporary fluctuations in employee demands within these more employee-dependent business units,' said James C. Eckert, Omni's president and chief executive officer.Onshore seismic drilling, which Omni focuses on, is heavily dependent upon manpower, Jeremy Hellman, an analyst with Thompson, Davis & Co. of Richmond, Va., said.Cypress has about 120 contract employees. With the latest acquisitions, Omni will have a work force of about 1,100, said Darcy Klug, executive vice president of Omni.Omni's seismic drilling backlog now tops $55 million, and combined with Cypress, Omni's seismic drilling backlog will exceed $75 million, according to the company.Last year's acquisitions, of Preheat Inc., Rig Tools Inc., and Charles Holston Inc., were focused on acquiring equipment. The Cypress deal will help provide the manpower to operate that equipment.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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