Tetra Tech Buys Company with Shale Oil ExpertiseWednesday, June 6, 2012
Tetra Tech Inc. late Wednesday said that it has acquired Rooney Engineering Inc., a Colorado oil and gas pipeline planning and engineering firm, for an undisclosed amount.
The Pasadena engineering and technical services company said that Rooney, based in the Denver suburb of Centennial, has clients from Alaska to the Gulf Coast, but many of its current projects are in the shale oil formations of North Dakota and the Northern Plains region.
The firm has annual revenue of about $30 million and will become part Tetra Tech’s Technical Support Services unit.
“Tetra Tech has strong capabilities in water resources and front-end environmental permitting for oil and gas projects, while REI’s pipeline planning and engineering credentials are among the strongest in the United States,” Chief Executive Dan Batrack said in a statement. “Together we can offer the rapidly growing shale oil market more comprehensive services.”
After the deal was announced, Tetra Tech shares closed up 52 cents, or 2 percent, to $25.06 on the Nasdaq.