Acquisition
Wood Group (John) PLC
22 July 2004
22 July 2004
Wood Group Acquires Multiphase Solutions, Inc.
Wood Group E&PF Holdings Inc., a subsidiary of John Wood Group PLC ('Wood
Group'), has acquired Multiphase Solutions, Inc. ('MSi'), a Houston-based
company that provides engineering and consulting services, and software
applications for use in the design, operation, and optimization of oil and gas
pipelines and production facilities.
MSi had revenues of $5.24 million for the year ended December 31, 2003, and net
asset value at completion was $1.75 million. President, Chief Executive Officer
and co-founder Michael Mai will continue to lead the company, which employs
approximately 40 personnel and will operate within Wood Group's Engineering and
Production Facilities Division.
'MSi has world-class expertise in flow assurance, which is a top technology
enabler particularly in the growth area of subsea production, as well as modular
software for plant optimisation and training simulation,' stated Trevor Noble,
chief executive of Wood Group's Engineering activities. 'MSi represents an
excellent strategic fit with Wood Group's engineering activities in upstream
developments, pipeline design and materials integrity. There are also clear
synergies with our Production Facilities group in the modelling of process plant
operational efficiency.'
'We're very excited to be joining Wood Group,' stated Michael Mai. 'The ability
to leverage the Group's infrastructure and access to additional international
markets provides MSi with significant potential for growth.'
-ends-
Note to editors
Wood Group is an international energy services company with $2.0bn sales,
employing more than 13,000 people worldwide and operating in 34 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 Engineering & Production Facilities is a leading provider of
engineering design and project management services for the development of new
offshore oil and gas fields as well as the enhancement, modification, operation
and maintenance of existing infrastructure in offshore and onshore oil and gas
facilities.
For enquiries please contact
Nick Gilman, Investor Relations Manager, Wood Group
Tel: +44 (0) 1224 851404, e-mail: nick.gilman@woodgroup.com
Carolyn Smith, Corporate Communications Manager, Wood Group
Tel: +44 (0) 1224 851099, e-mail: carolyn.smith@woodgroup.com
Bobbie Ireland, Director, Corporate Communication-Americas, Wood Group
Tel: +1 281 828 3505, e-mail: bobbie.ireland@woodgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange