AMEC has acquired the UK-based asset optimization 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.
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