The oil and gas support services group sees the acquisition of TNEI as part of its ambition to beef up its consulting operations serving the renewable energy sector. TNEI is particularly strong in advising customers on planning and consent, power transmission and energy management for green technologies, including wind, solar and hydrogen power. The company currently employs around 50 staff at offices in Manchester and Newcastle.
“The acquisition brings to Petrofac both a strong technical reputation in the power sector and valuable new customer relationships,” Petrofac stated this morning.
Petrofac's group chief executive, Ayman Asfari, added: "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.”
Analysts at Westhouse Securities described the transaction as ‘small but useful’ and reiterated their positive stance on the stock.
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