African contract extentions worth $250m for Wood Group

JANUARY 21, 2014 Clutch of African contract extensions worth $250m for Wood Group PSN Wood Group PSN (WGPSN) has secured two major contract extensions in Africa,worth around $250mn USD. WGPSN has secured a five year contract extension to provide operations,maintenance and construction management services for asset facilities incentral Africa in a deal worth more than $140 million USD. The contract employsabout 580 people and marks the continuation of a contract first awarded in2006. An additional contract extension to provide operations and maintenance servicesto assets in Equatorial Guinea boosts the company's success in Africa. Thisthree year contract extension is worth more than $110 million USD and securesemployment for around 130 people both onshore and offshore. The contract wasfirst awarded to WGPSN in 2003. Wood Group has also recently established a new joint venture (JV) in WestAfrica. Wood Group Ghana Limited is now a partnership with Mr Kwaku BoafoNyantekyi-Owusu, and enables the Group to bring integrated services andtechnical support services to the oil and gas sector in Ghana. Wood Group is a 49% shareholder in the JV which will be jointly operated andled by Mr Nyanteki-Owusu, as president and majority shareholder. James Crawford, WGPSN managing director for Africa, said: "We are extremelyproud of our performance in Africa. These contract renewals and our new jointventure are testament to the standards of the services we provide and ourcommitment to expansion and investment in Africa. Our focus centres on safetyperformance, consistent delivery, developing a competent and skilled localworkforce and supporting the communities where we operate. "We are focused on the continued development of our people, especially ourlocal management teams in Africa. Today, nearly 90% of our maintenance contractpersonnel across the region are nationals." In Africa, WGPSN employs more than 3,000 people working onshore and offshore.The company currently operates in Algeria, Angola, Cameroon, Chad, Egypt,Equatorial Guinea, Ghana, Mozambique, Nigeria, South Africa, Tunisia andUganda. ENDS Notes to Editor: Wood Group is an international energy services company with around $7bnrevenues, employing around 44,000 people and operating in 50 countries. TheGroup has three businesses - Wood Group Engineering, Wood Group PSN and WoodGroup GTS - providing a range of engineering, production support, maintenancemanagement and industrial gas turbine overhaul and repair services to the oil &gas, and power generation industries worldwide. www.woodgroup.com Wood Group PSN is a global provider of pre-operations, hook up & commissioning,operations & maintenance, engineering, construction, project management,training and decommissioning services to the energy industry. Employing over30,000 people in more than 35 countries, Wood Group PSN offers high integrity,brownfield services that support customers to optimise performance, maintainproduction, reduce operating costs and provide integrity assurance.www.woodgroup-psn.com For further information contact: Carolyn Smith, Director, Corporate Communications - Eastern Hemisphere, WoodGroup Tel: +44 (0) 1224 851 099, email: [email protected] Bobbie Ireland, Director, Corporate Communications - Americas, Wood Group

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