International engineering company AMEC has acquired UK-based oil and gas consultancy Performance Improvements Group for £19 million. On completion of the deal, AMEC will pay an initial £14 million, with the balance subject to future performance targets.

Performance Improvements is headquartered in Aberdeen and the business offers consultancy services to the oil and gas industry focused on the efficiency and performance of existing installations in the North Sea. The company employs some 120 people.

The acquisition is in line with AMEC’s growth strategy of selective acquisitions, which “focus on the enhancement of services for customers in the oil and gas sector”, the company said.

Last year, AMEC reported a strong performance for the preceding 12 months, with pre-tax profits up 59 per cent at £126.5 million on a turnover of £2.35 billion.