Petrofac Acquires Renewables
Press Release
14 June 2010
PETROFAC LIMITED
PETROFAC ACQUIRES RENEWABLES SECTOR TECHNICAL SPECIALIST TNEI
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."
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
James Bradley
David Allchurch
petrofac@tulchangroup.com
Notes to Editors
Petrofac
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.
TNEI Services Limited
TNEI is an independent energy consultancy, providing a range of specialist services
across the power and renewable energy sectors including:
· Power Transmission and Distribution services
· Planning and Environmental services
· Energy Management services
TNEI has an excellent customer base covering Transmission and Distribution network owners and operators, large energy / utility companies, major developers and small independent developers. In recent years TNEI has become extensively involved in the growing offshore renewable sector developing specific expertise in the areas of offshore generation technology; wind farm design and operational trouble shooting; and the design and specification of offshore power transmission systems. This growing business area compliments its traditional activities in the area of onshore wind where it is one of a small number of key consultancies managing the planning and environmental processes and grid connection challenges associated with onshore windfarm developments.
Originally established in the mid-1990s as a public sector energy agency, the current business also incorporates IPSA Power which was spun out of Manchester University in the 1980s. The two companies were acquired in 2001 by the current TNEI management and later merged as TNEI in 2006.
This information is provided by RNS
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