Swiss firm buys Canadian oil sands engineering company
Privately held firm has 450 employees and tackles upstream and downstream engineering and maintenance projects in Western Canada’s oil and gas sector.
ZUG, Switzerland—Global engineering and construction firm Foster Wheeler AG has acquired Calgary-based Three Streams Engineering, Ltd..
Privately held Three streams has 450 employees and tackles upstream and downstream engineering and maintenance projects in Western Canada’s oil and gas sector.
“The acquisition of Three Streams is part of our stated strategy to grow the upstream capabilities and the geographic footprint of our Global Engineering and Construction Group,” said Kent Masters, CEO of Foster Wheeler, who added the move was a step to increase the firm’s presence in Canada’s Steam-assisted gravity drainage, the dominant method of extracting bitumen from the oil sands.
Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment with about 12,000 employees.