PI employs 120 people and is currently focusing its activities on providing engineering consultancy services in the North Sea for the UK market. As well as strengthening its foothold in the UK, the acquisition is expected to improve its global reputation.
The deal follows four other acquisitions by AMEC in the Natural Resources division over the past 18 months and is in line with its strategy to enhance its oil and gas portfolio.
The two companies have collaborated on gas compressor station contracts in the past for National Grid. AMEC plans to increase PI’s workforce and has said that it will be actively recruiting in the next few months.
Sandy Clark, operations management director for AMEC’s Europe and West Africa business, said: ‘I am delighted to be announcing such a positive move in a period with so much gloom around. This is a time for financially sound companies to be bold and look to develop and enhance their capability.
‘We expect the acquisition of PI will provide exciting opportunities in a market where operators are looking to maximise production from existing assets. Looking to the longer term, it will also provide significant growth opportunities as the economic outlook begins to improve.’
Steve Wright, managing director of PI, said: ‘I am delighted that this transaction gives us the opportunity to expand our capabilities internationally, with the support of AMEC’s global reputation. This is a great opportunity for an entrepreneurial business to flourish as part of a world leading company in oil and gas services.’