16th Dec 2015 07:47
LONDON (Alliance News) - John Wood Group PLC Wednesday said it has landed a USD400.0 million contract from multi-national Statoil to provide services to its Norwegian assets, and said it has completed its recently announced acquisition of The Infinity Group.
The main contractor framework agreement signed with Statoil is for an initial six years with an optional four-year extension and will see John Wood's Mustang division in Norway provide support for Statoil's Snorre A&B, Grane and Visund facilities, creating 250 new jobs.
In addition, the Mustang division in Norway has been awarded a ten-year competition agreement that will allow John Wood to tender for individual projects for onshore and offshore installations in Norway that are operated by Statoil, said John Wood.
Wood Group Mustang delivers project management, construction management, engineering and procurement services to a wide range of industries, including onshore and offshore markets, refining and chemical markets and the automation sector.
In addition, John Wood said it has formally acquired The Infinity Group, a family-owned US contractor based in Texas, as announced earlier in December.
The FTSE 250-listed oil services company is expecting the deal to enhance its offering in the US to both the downstream and upstream oil markets and to recreate services in the country that John Wood currently offers in the Asia Pacific region.
The Infinity Group, established in 2005, is an investment holding company that owns and manages a portfolio of ventures in numerous sectors. It is headquartered in Texas with a further six locations along the coast of the Texas Gulf.
Wood Group has paid an initial USD150.0 million, with further payments possible in the future.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Wood Group (J)