COLT Companies Sold to Australian Firm

(February 08, 2007): The Australian engineering company WorleyParsons announced today they've agreed to buy Calgary based Colt Companies (Colt Engineering) for A$1.13-Billion ($1.3-Billion Cdn).

Colt, with offices in Toronto, Sarnia, Calgary, Edmonton and Anchorage, Alaska, is the largest private engineering firm in Canada, and has oilsands heavyweights such as Suncor, Syncrude, Shell & PetroCanada as clients.

The move gives WorleyParson a significant presence in the Alberta oilsands, which are estimated to contain 98% of Canada's 179 Billion barrels of reserves. Analysts estimate the industry will invest C$125 billion in the oilsands over the next 10 years should current projects proceed.

• Colt Engineering
• Worley Parsons to buy Colt Cos.

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