Wood Group Gets $400 Mln Main Contractor Framework Deal From Statoil

(RTTNews) - John Wood Group Plc (WDGJF.PK, WG.L), an energy services company, Wednesday announced that it has been awarded a main contractor framework agreement worth approximately $400 million by Norwegian energy firm Statoil ASA (STO).

The contract is to deliver maintenance and modification services to four Statoil installations on the Norwegian continental shelf or NCS.

Wood Group Mustang Norway will provide this support for the Snorre A&B, Grane and Visund facilities over the term of the six year contract, with the option of a further four-year extension. The agreement is expected to create approximately 250 jobs.

In addition, Wood Group Mustang Norway has been awarded a competition agreement, which will enable the company to tender for individual projects for Statoil operated onshore and offshore installations in Norway. This agreement covers a period of 10 years that starts in the first quarter of 2016.

Separately, Wood Group announced that the acquisition of Infinity Group, a Texas Gulf Coast industrial construction and maintenance contractor, has now completed, following receipt of relevant anti-trust approvals. It was on December 3 that the company had reached agreement to acquire Infinity.