Petrofac, the international oil & gas facilities service provider, confirms that it has purchased TNEI Services Limited (TNEI) through the acquisition of its holding company New Energy Industries Limited for a consideration of £7.5 million, of which 30% is contingent upon senior management’s continued participation in the business.
TNEI is a specialist consultancy supporting the energy, power and renewables sectors and has some 50 staff in Newcastle and Manchester; its acquisition further broadens Petrofac’s technical consulting capacity. TNEI provides services in the areas of power transmission and distribution, planning and environmental consent and energy management. The acquisition brings to Petrofac both a strong technical reputation in the power sector and valuable new customer relationships.
Martin Barnes, managing director of TNEI, commented: “As part of the Petrofac group, we see great potential both to provide broader services to TNEI’s customers and to help Petrofac build a strong, technically-competent service to the wind renewables sector; we are excited about this step and the new opportunities it will provide for our team.”
Petrofac’s group chief executive, Ayman Asfari, said:“Petrofac intends to build a position in the renewable energy sector and our existing technical consulting, offshore engineering, project management and operational skills provide a strong base from which to enter this rapidly developing market. The addition of TNEI’s technical capabilities enhances Petrofac’s ability to serve the wind renewables sector.
“We are delighted to welcome Martin and the entire TNEI team to Petrofac. We look forward to working with them to grow Petrofac’s access to renewables markets.”
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Notes to Editors
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world’s leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.
Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac’s range of services meets its customers’ needs across the full life cycle of oil & gas assets.
With more than 11,500 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac’s business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.