Engineering services firm Bowman Consulting Group Ltd. has agreed to acquire UP Engineering, a civil engineering and surveying firm in Texas, to strengthen Bowman's position in the oil and gas market. (Source: Shutterstock)
Engineering services firm Bowman Consulting Group Ltd. has agreed to acquire UP Engineering, a civil engineering and surveying firm, according to a Feb. 18 press release.
San Antonio-based UP Engineering serves clients throughout Texas with a focus on oil and gas, industrial, commercial and residential projects, the release stated.
The transaction will be financed with a combination of cash, seller notes and a convertible note, Virginia-based Bowman said. A purchase price was not disclosed.
The company anticipates the deal will initially operate at an annualized net service billing run rate of $3 million and be “immediately accretive,” Bowman said.
Chairman and CEO Gary Bowman said UP’s services in the Texas market aligns with Bowman’s mission to deliver “operational excellence across market sectors, services and geographies.”
“As the oil and gas industry accelerates its focus on domestic exploration and drilling, this acquisition strengthens our market position, enables us to capture new opportunities in a high-growth area and helps deliver additional long-term value to our stakeholders,” Bowman said.
RELATED
Recommended Reading
Woodside Awards SLB Drilling Contract for Project Offshore Mexico
2025-03-31 - SLB will deliver 18 ultra-deepwater wells for Woodside Energy’s Trion ultra-deepwater project starting in early 2026.
Energy Technology Startups Save Methane to Save Money
2025-03-28 - Startups are finding ways to curb methane emissions while increasing efficiency—and profits.
Kelvin.ai the 'R2-D2' Bridging the Gap Between Humans, Machines
2025-03-26 - Kelvin.ai offers an ‘R2-D2’ solution that bridges the gap between humans and machines, says the company’s founder and CEO Peter Harding.
NatGas Positioned in a ‘Goldilocks’ Zone to Power Data Centers
2025-03-26 - On-site power generation near natural gas production is the tech sector's ‘just right’ Goldilocks solution for immediate power needs.
AI Moves into Next Phase of E&P Adoption as Tech Shows Full Potential
2025-03-25 - AI adoption is helping with operations design and improving understanding of the subsurface for big companies. Smaller companies are beginning to follow in their footsteps, panelists said at Hart Energy’s DUG Gas Conference.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.