14 July 2014
Wood Group strengthens Norwegian offshore engineering capability with
acquisition of Agility Projects AS
Wood Group has reached an agreement with Agility Group to acquire Agility
Projects AS, a Norwegian engineering, procurement, construction management,
installation and commissioning company, for a total consideration of NOK 1,008m
(approximately $164m1). Based in Sandefjord, near Oslo, Agility Projects, which
is a wholly owned subsidiary of Agility Group AS, is focusing on activities on
the Norwegian Continental Shelf (NCS) and employs 650 personnel with operations
in Oslo, Stavanger, Bergen, Moss and an engineering office in Shanghai, China.
Agility Projects will operate within Wood Group Mustang's offshore business and
will be headed up by the current Agility Group CEO, Otto Søberg, and the
existing Agility Projects management team.
The transaction is subject to a number of conditions, including competition
approval in Norway, and completion is expected in Q3 2014.
Steve Knowles, chief executive officer of Wood Group Mustang, said: "Agility
Projects' reputation is very well-established in Norway and represents a
strategically important acquisition for Wood Group Mustang as it increases our
exposure to the greenfield and brownfield engineering markets on the NCS.
Agility Projects complements Wood Group's existing engineering activities in
Norway and recently we successfully collaborated in winning the Ivar Aasen
topside engineering project in Norway."
Otto Søberg, chief executive officer of Agility Group, said: "Agility Group is
very pleased to have found a new home for Agility Projects and the business is
very excited to become part of Wood Group as it provides access to more
engineering resources, allowing Agility Projects to offer a better level of
service to our existing and new clients and enable us to pursue larger and more
complex offshore engineering projects. The culture and core values of Agility
Projects represent a perfect fit with Wood Group Mustang as we both focus on
quality of service, customers and employees."
Note 1: Based on a US$:NOK exchange rate of 1:6.15.
Notes to Editors:
Wood Group is an international energy services company with over $7 billion
sales. The Group is built on our Core Values and has three strategic business
units - Wood Group Mustang, Wood Group Kenny and Wood Group PSN - providing a
range of engineering, production support and turbine services to the oil & gas
and power sectors. For more information, visit www.woodgroup.com.
Wood Group Mustang provides award-winning services to the global energy
industry. From concept to completion, Wood Group Mustang provides project
management, construction management, engineering and procurement services to
the offshore, onshore, pipeline, refining, chemicals, industrial and automation
sectors, operating in countries in Africa, Asia, Europe, the Middle East, Latin
America and North America. For more information, visit www.mustangeng.com.
Agility Group is an industrial group comprising Agility Subsea Fabrication,
Agility Contracting and Minox Technologies.
Agility Group is wholly owned by Hitecvision V L P.
Agility Projects AS is a Norwegian engineering, procurement, construction
management, installation and commissioning company focusing on activities on
the Norwegian Continental Shelf (NCS). A wholly owned subsidiary of Agility
Agility Projects employs 650 personnel and has operations in Sandefjord, Oslo,
Stavanger, Bergen, Moss, and an engineering office in Shanghai, China.
For further information contact:
Carolyn Smith - External Affairs Manager, Wood Group
Tel: +44 (0) 1224 851099, email: email@example.com
Investor and analyst enquiries:
Andrew Rose, Group Head of Investor Relations, Wood Group
Tel: +44 1224 532716, email: firstname.lastname@example.org
-0- Jul/14/2014 10:00 GMT
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