Petrofac, an international oil and gas facilities service provider, has purchased TNEI Services (TNEI) through the acquisition of its holding company New Energy Industries Limited for a consideration of £7.5m, 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."