Wood Group Acquires
Producers Assistance Corporation
HOUSTON, January 11, 2008 - A subsidiary of John Wood Group PLC ("Wood Group")
has acquired Houston-based Producers Assistance Corporation ("PAC"), a leading
provider of technical operations and maintenance support services to the U.S.
onshore oil and gas industry.
PAC had revenues of around $33 million for the year ending December 2007, and
gross assets of $6.6m as at December 31, 2007. PAC's workforce of more than 300
people services facilities in a number of U.S. states, including Texas,
Louisiana and New Mexico. The existing management team, including its
co-founders, President Mitch Fralick and Executive Vice President John Knapp,
will continue to lead the business. PAC will operate together with Wood Group
Production Services, which is a leader in operations and maintenance services
for offshore Gulf of Mexico facilities.
"The acquisition of PAC provides Wood Group with a wider presence in the
onshore U.S. production market," said Les Thomas, Group Director and Chief
Executive of Wood Group's Production Facilities activities. "PAC's strong
management team, proven track record of long-term customer relationships, and
an outstanding focus on HSE, personnel development and competence management
are an excellent complement to Wood Group's existing business."
"We are very excited about becoming a part of the Wood Group family. It was
apparent early on that our companies have the same core values of building and
nurturing relationships with employees and clients," said Mitch Fralick. "Wood
Group has the resources, infrastructure and diversified services to enable PAC
to expand its package of operations and maintenance support services to the
industry. We believe becoming part of Wood Group will accelerate the
implementation of our strategic growth plan."
-end-
Wood Group is an international energy services company with more than $4.0bn
sales, employing 22,000 people worldwide and operating in 46 countries. The
Group has three businesses - Engineering & Production Facilities, Well Support,
and Gas Turbine Services - providing a range of engineering, production
support, maintenance management and industrial gas turbine overhaul and repair
services to the oil & gas, and power generation industries worldwide.
Wood Group Production Services is a leader in providing operations and
maintenance (O&M) services on a total management or integrated basis. Scalable,
integrated O&M solutions realizing the need for service compatibility
throughout the life of an asset are designed to suit individual client
requirements. WGPS' total support capabilities-including qualified personnel,
integrated services, navigation aids and safety systems, compressor and engine
maintenance, and customized state-of-the-art supervisory control and data
acquisition (SCADA) and systems integration services- are provided to Gulf of
Mexico inland, shelf and deepwater operations and internationally
Media enquiries -
Contact: Bobbie Ireland
Director, Corporate Communications - Americas
+1 281 828 3505
Cell: +1 713 515 3571
bobbie.ireland@woodgroup.com
Contact: Carolyn Smith
Director, Corporate Communications - Eastern Hemisphere
Wood Group
Tel: +44 (0) 1224 851 099
carolyn.smith@woodgroup.com
Investor and analyst enquiries -
Contact: Nick Gilman
Group Head of Investor Relations and Corporate Communications
Tel: +44 (0) 1224 851 404
nick.gilman@woodgroup.com
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