Wood Group wins oilfield services contract extensions offshore Africa

Wood Group PSN (WGPSN) has secured two major contract extensions in Africa, collectively worth $250 million.

Jan 21st, 2014

Offshore staff

HOUSTONWood Group PSN (WGPSN) has secured two major contract extensions in Africa, collectively worth $250 million.

WGPSN has secured a five-year contract extension to provide operations, maintenance, and construction management services for asset facilities in central Africa in a deal worth more than $140 million. The contract was first awarded in 2006.

The company has also secured a contract extension to provide operations and maintenance services to assets in Equatorial Guinea. This three-year contract extension is worth more than $110 million and was first awarded to WGPSN in 2003.

Wood Group has also established a new joint venture in West Africa. Wood Group Ghana Ltd. is now a partnership with Kwaku Boafo Nyantekyi-Owusu, and it enables the group to bring integrated services and technical support services to the oil and gas sector in Ghana.

Wood Group is a 49% shareholder in the joint venture, which will be jointly operated and led by Nyanteki-Owusu, as president and majority shareholder.

01/21/2014

More in Company News