25th Feb 2015 13:23
LONDON (Alliance News) - John Wood Group PLC Wednesday said it has promoted Dave Stewart to be the new chief executive of Wood Group PSN, the company's division that provides brownfield services to the oil and gas industry.
Stewart will join PSN in April, and moves from his previous role as the managing director of PSN's UK operations. Stewart joined the Wood Group 17 years ago and has over 38 years experience in the oil and gas industry.
Dave will report to Robin Watson, who will take up his new position of chief operating officer of Wood Group in April.
In his new position, Stewart will focus on continued business efficiency and support PSN's growth in the global oil and gas industry, said Wood Group.
"In 2014 Wood Group PSN's North Sea business, led by Stewart, achieved over USD1.5 billion, accounting for 40% of Wood Group PSN's overall revenue," said Watson.
"Wood Group PSN is leading the charge in terms of understanding the measures required to safeguard the future growth of the oil and gas industry globally, and I look forward to taking on this challenge," said Stewart.
Wood Group's PSN division is being lifted by the shale oil and gas boom in the US. Earlier this month, Wood Group said the unit's earnings before interest, tax, depreciation and amortisation rose 30% in 2014 on the back of a strong performance in US shale as well as a high contract renewal success rates in the UK North Sea.
The company is facing a difficult 2015 as oil companies slash spending in response to the recent slide in oil prices, but Wood Group said when it reported its 2014 results that it expects its underlying business to be resilient and to get a boost from acquisitions. Its PSN division has expanded its service offering by acquisitions including Swaggart in the US.
Wood Group shares were up 0.8% to 656.50 pence per share on Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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