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."