Petrofac Limited Petrofac Acquires Renewables Specialist TNEI

14th Jun 2010 07:06

LONDON (Dow Jones)--Petrofac Limited (PFC.LN), an international oil & gas facilities service provider, confirms that it has purchased TNEI Services Limited through the acquisition of its holding company New Energy Industries Limited for a consideration of GBP7.5 million, of which 30% is contingent upon senior management's continued participation in the business. MAIN FACTS: -TNEI is a 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. -Shares closed Friday at 1262 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 14, 2010 02:06 ET (06:06 GMT)