FTI Consulting, Inc., the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced the further expansion of its Energy, Power & Products industry team through the addition of 14 professionals including one senior managing director and three managing directors from Platt, Sparks & Associates Consulting Petroleum Engineers, Inc. (“Platt Sparks”), a full service professional petroleum engineering firm located in Austin, Texas. The new practice will be known as FTI Platt Sparks and will be a part of the Energy, Power & Products industry team within the firm’s Economic Consulting business segment. Terms of the transaction were not disclosed.
Founded in 1980, Platt Sparks provides a full range of petroleum engineering services, with a focus on assisting clients with the resolution of disputes. The firm is recognized as a leader in providing a wide range of services, including reservoir simulations and geostatistics to analyze the dynamics of production from reservoirs; evaluations of gas contracts; analysis of the storage capabilities of gas storage reservoirs; evaluation of potential secondary or enhanced oil recovery projects; analysis of well logs; and the development of unitization studies and environmental assessment capabilities. Platt Sparks has served clients throughout the U.S. and in 17 other countries around the globe. The addition of Platt Sparks will significantly expand FTI Consulting’s oil, gas and energy consulting service offerings, increasing the firm’s ability to provide business consulting and expert witnesses to our clients in the areas of litigation, forensic analysis, corporate finance, strategic communications, regulatory compliance and economic evaluations.
“Platt Sparks’ team of experts and staff will allow FTI Consulting to offer a reservoir to consumer capability to our clients in the oil and gas industry who have disputes or need regulatory assistance,” said John Klick, Global Leader of the Economic Consulting segment at FTI Consulting. “Platt Sparks has established long-standing and deep relationships with all types of oil and gas clients, both domestically and internationally, including producers, financial institutions, royalty owners and government organizations. We believe that the addition of Platt Sparks’ engineering professionals to FTI Consulting’s energy professionals in Houston and throughout the world will put us in a unique position to serve our clients throughout the upstream, midstream and downstream energy sectors, both domestically and internationally."
Terry D. Payne, former President of Platt Sparks, will join FTI Consulting as a Senior Managing Director. Commenting on the transaction, Mr. Payne said,"Joining FTI Consulting allows us to provide our clients with a total range of services that complement well with what Platt Sparks and FTI Consulting have been able to provide historically. We believe FTI Consulting, with its unique combination of extensive energy expertise and seasoned managerial and executive experience in dispute management, damages analysis, public policy and expert testimony, is the ideal partner to enhance our ability to serve our clients.”
About FTI Consulting
FTI Consulting, Inc. (fticonsulting.com) is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 4,200 employees located in 26 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management, strategic communications and restructuring. The Company generated $1.65 billion in revenues during fiscal year 2013.
Safe Harbor Statement
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 that involve uncertainties and risks, including statements related our expectations regarding the acquired entities and businesses. There can be no assurance that the acquisition will perform as expected. Factors that could cause the Company expectations to differ, include the integration of the acquisition, the Company’s ability to market the businesses and services acquired, the Company's ability to realize cost savings and efficiencies, competitive and general economic conditions, the retention of staff and clients, and other risks described under the heading "Item 1A. Risk Factors" in the Company's most recent Form 10-K and in the Company's other filings with the Securities and Exchange Commission, including, without limitation, risks related to operating in foreign jurisdictions. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so