Petrofac, a global oil giant, announced that it had acquired Newcastle based company TNEI for a deal worth £7.5 million. TNEI, an energy consultancy company in the North East, supports energy, power and renewable sectors. The company was bought through New Energy Industries Limited; TNEI’s holding company that was acquired by the oil giant and expects the investment to widen its technical consulting capabilities.
Some of the services TNEI offers include power transmission and distribution, planning and environmental consent and energy management. According to TNEI’s managing director, Martin Barnes, the company would realize great potential for provision of more services to its customers and to help Petrofac build a robust, technically competent service to the wind renewable sector. He noted that TNEI was pleased to be part of Petrofac given the immense growth potential that portends for the company and the new opportunities it will offer.
The Chief Executive, Petrofac, Ayman Asfari said the company was keen on building a position in the renewable energy industry and its existing technical consulting, offshore engineering, project management and operational skills provide a strong base from which to enter the rapidly developing market. With TNEI’s technical capacity, Petrofac expects an enhanced ability to serve the wind renewable sector. He said the company was pleased to welcome the whole TNEI team to Petrofac and would seek to work together to build Petrofac and grow its access to renewable energy markets. Petrofac has a head office in London, and 24 offices worldwide, with more than 11,500 employees and according to the company, 30% of the new investment acquisition is dependent on senior management’s continued participation in the business.
Petrofac is an FTSE 100 index listed company that provides oil and gas facilities. Petrofac aims to generate sustainable growth in value for its shareholders by leveraging its core competencies, being the ability to engineer, build and operate oil & gas infrastructure, and the ability to create and deliver value-adding investments. The company has a diverse client base comprising of national, international and integrated oil companies.
Last year, Petrofac had US$3,655 million in revenue when compared to its 2008 revenues at US$3,330 million. The company has seven business units that offer life of assets solutions ranging from design to decommissioning. Previously, it acquired Scotvalve Services Limited and Stephen Gillespie Consultants Limited that greatly enhanced its existing mechanical services and metering capacities, in addition to the completion of the demerger of its UKCS assets to form a new independent oil and gas production and development company, EnQuest.
June 19, 2010.