Acquisition(s)
Wood Group acquires Baker Energy
A subsidiary of international energy services company John Wood Group PLC
("Wood Group") has acquired the energy services business (Baker Energy) of
Michael Baker Corporation (NYSE Amex:BKR). The consideration was US$37.9m,
settled in cash at completion.
Baker Energy provides a broad range of operations and maintenance services to a
large number of oil and gas operators, both onshore and offshore. The company
has a strong presence in the US, including a market leading position in
deepwater activity, and operates in various countries in Africa and Asia
Pacific. Baker Energy had revenues in the year ended 31 December, 2008 of
US$243.5 million and currently employs around 2,400 people. Baker Energy will
operate within Wood Group's Engineering & Production Facilities division.
"The acquisition of Baker Energy is part of our ongoing strategy to expand and
enhance our operations support capability," said Les Thomas, Group Director
responsible for Wood Group's Production Facilities activities. "It will
establish Wood Group as the market leader in the provision of operations and
maintenance services in the US Gulf of Mexico market, and enhance our ability
to support clients' deepwater activity, one of the most exciting growth markets
in our industry. Internationally it represents an excellent strategic fit with
our existing operations support capabilities and extends our international
footprint."
-ends-
Note to editors
Wood Group is an international energy services company with more than $5bn
sales, employing 27,000 people worldwide and operating in 50 countries. Wood
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 and gas, and power generation industries worldwide.
www.woodgroup.com
Wood Group Engineering & Production Facilities is a market leader in
engineering design, construction management and project management services,
providing 'life-of-field' engineering, including greenfield and brownfield
engineering, production enhancement, operations and maintenance, and
commissioning. With an extended range of engineering services in the design
and operation of both offshore and onshore oil & gas production, transportation
and processing facilities, E&PF provides value-added solutions that are
fit-for-purpose and tailored for each client.
Baker Energy works with oil and gas companies worldwide to provide total asset
management solutions. By integrating its diverse operating and management
skills, Baker Energy has evolved into a single source supplier of comprehensive
energy services, including operations assurance and maintenance management
solutions, competency-based personnel recruiting and training, operations and
maintenance manpower, and supply chain and logistics management.
www.bakerenergy.com
Michael Baker Corporation (Baker) provides engineering for its clients' most
complex challenges worldwide. The firm's primary business areas are aviation,
defense, environmental, facilities, geospatial, homeland security, municipal &
civil, pipelines & utilities, transportation and water. With more than 4,500
employees in over 50 offices across the United Sates, Baker is focused on
creating value by delivering innovative and sustainable solutions for
infrastructure and the environment.
For media enquiries please contact:
Carolyn Smith, Director, Corporate Communications - Eastern Hemisphere, Wood Group
Tel: +44 (0) 1224 851099, email: carolyn.smith@woodgroup.com
Bobbie Ireland, Corporate Communications - Americas, Wood Group
Tel: +1 (281) 828 3505, email: bobbie.ireland@woodgroup.com