Balfour Beatty expands Parson Brinckerhoff business

Infrastructure company Balfour Beatty has purchased Subsurface Group to expand the Energy Storage Services business of it subsidiary, Parson Brinckerhoff, in the US.

Subsurface is forecast to generate around $50m ($31m) of revenue for the year ended December 31st 2012.

Chief Executive Ian Tyler said: "Subsurface Group's recognised expertise in underground injection and speciality 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.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

"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."

Subsurface, which has its headquarters in Texas, is described as a professional consulting and engineering firm, which provides services in underground injection, underground storage, specialty wells, petroleum and natural resources, and environmental science.