News Release
3 January, 2013
BALFOUR BEATTY ACQUIRES US ENERGY STORAGE BUSINESS
Balfour Beatty, the international infrastructure group, announces that it has acquired Subsurface Group, Inc. (Subsurface) to expand Parson Brinckerhoff's Energy Storage Services business in the USA.
Subsurface is a professional consulting and engineering firm, providing services in underground injection, underground storage, specialty wells, petroleum and natural resources, and environmental science. Headquartered in Houston, Texas, Subsurface also has offices in Baton Rouge, Louisiana and South Bend, Indiana. The 37-person business is forecast to generate approximately US$50 million (£31 million) of revenue in 2012.
Parsons Brinckerhoff is currently an industry leader in the design and construction of underground salt caverns for the storage of hydrocarbons. With Subsurface's industry leadership in injection wells for hazardous and non-hazardous waste disposal, and depth of experience in depleted aquifer and reservoir underground storage, the combined business will have an enhanced global offering to customers in a number of strategic growth areas.
Balfour Beatty Chief Executive Ian Tyler said "Subsurface Group's recognized expertise in underground injection and specialty wells and Parsons Brinckerhoff's skills and services in underground storage create synergies for us and for the oil and gas, energy and industrial clients both companies serve. We are very pleased to have Subsurface as part of Parsons Brinckerhoff and see this acquisition as a significant step in enhancing our wider capabilities in power and energy - a strategic growth area for Balfour Beatty."
ENDS
Analyst/investor enquiries:
Basak Kotler
Balfour Beatty plc
Tel 020 7216 6924
Media enquiries:
Rebecca Salt
Balfour Beatty plc
Tel 020 7216 6865
Notes to Editors:
1. |
Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments. We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise. Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail). The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services. Balfour Beatty employs 50,000 people around the world. |
