17th Jun 2016 06:17
LONDON (Alliance News) - John Wood Group PLC on Friday said it has stepped in to buy a fabrication and manufacturing business in Aberdeen, Scotland from a company that recently went into administration, in a move which will expand Wood Group's capabilities within the UK oil and gas sector.
The oilfield services and engineering firm said Enterprise Engineering Service Ltd appointed administrators late last month, and John Wood has now acquired the assets of the Aberdeen-business to boost its asset integrity management capabilities, adding fabrication to its services, which focus on driving efficiencies and extending the life of upstream and midstream assets.
The employees of the business all will be transferred over to Wood Group and remain in their existing fabrication facility, which is 4,000 square metres in size and located on Craigshaw Road, Aberdeen. No financial details were provided about the purchase.
"The acquisition of Enterprise Engineering Service Ltd's fabrication and manufacturing business broadens our repair order capabilities, enabling us to offer a fully integrated, end to end service that supports our clients in assuring the integrity of their assets," said Dave Stewart, chief executive of Wood Group PSN.
"Our focus is on providing the expertise that enables the life extension of onshore and offshore assets, which is critical in this mature phase of the UK Continental Shelf," he added.
The administrators of Enterprise Engineering Service said they "delighted" to strike a deal with Wood Group, stating it was confident that the "excellent market reputation and facilities" of Enterprise Engineering Service would generate interest from major firms.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Wood Group (J)