26th Jan 2009 12:46
AMEC plc
26 January 2009
AMEC acquires oil and gas consultancy services company Performance Improvements Group (PI) Limited
AMEC, the international engineering and project management company, announces today the acquisition of the UK-based asset optimisation consultancy services company Performance Improvements Group (PI) Limited from its owner-managers for an aggregate cash consideration of £19 million, of which £14 million is payable immediately, with the balance being subject to performance.
PI is a leading engineering consultancy focusing on maximizing the uptime, efficiency and performance of existing installations in the North Sea. The company has a wide client base, ranging from international oil companies to new entrants, and has significant potential for international expansion into other oil and gas markets such as the Middle East, Caspian and South East Asia. Headquartered in Aberdeen, the company employs 120 people. PI's current focus is on the UK but with a growing international reputation, which will be boosted by joining AMEC.
The purchase is consistent with AMEC's strategy of selective acquisitions focused on the enhancement of services for customers in the oil and gas sector, and follows four other acquisitions in the Natural Resources division over the last 18 months.
Enquiries to:
AMEC plc +44 (0) 20 7539 5800
Sue Scholes, Director of Communications
Neil Jamieson, Director of Investor Relations
Notes to Editors:
AMEC (LSE: AMEC) is a focused supplier of high-value consultancy, engineering and project management services to the world's energy, power and process industries. With annual revenues of around £2.3 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power and Process and Earth and Environmental businesses employ some 23,000 people in more than 30 countries globally. For further information please see http://www.amec.com/.
The Natural Resources division covers AMEC's activities in oil and gas services, oil sands and mining. The division has global experience of delivering large and complex projects and service, with life of asset capabilities in deep water and hostile conditions including Arctic environments and earthquake-prone regions.
AMEC has a strong reputation for balancing global excellence with local delivery.
The purchase is consistent with AMEC's strategy of selective acquisitions focused on the enhancement of services for customers in the oil and gas sector. AMEC has a history of working with PI, the two companies having collaborated on major compressor station contacts for the National Grid in the UK.
PI (Performance Improvements (PI) Group Limited) was formed in 1997 and has become a leading independent engineering consultancy within the oil and gas industry. The company was initially formed to provide multi-discipline engineering expertise to the international oil and gas industry to help maximise the uptime, efficiency and performance of existing installations. PI is headquartered in Aberdeen, and employs 120 people.
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