• Text size      
  • Send this article to a friend
  • Print this article

Wood Group eyes foreign growth

WOOD Group has underlined its faith in overseas markets but said it still sees scope to expand in the UK.

The Aberdeen-based oil services company said it sees good growth prospects in a range of countries for the Wood Group PSN business, which helps firms maximise production from existing fields.

"Notable international regions of anticipated growth include the US, Western Canada, Australia, the Middle East and the Caspian region," said Robin Watson, new chief executive of the division.

He added: "Expansion into the coal seam gas, shale and oil-sands markets will, I believe, present significant opportunities for WGPSN to grow."

Wood Group has invested heavily in boosting its expertise in areas such as supporting oil-sands production through acquisitions. In September last year Wood bought Mitchell's Oil Field Services for up to $182.5m (£114m) to help grow its presence in the booming oil shales market in the US.

Mr Watson continued: "The UK remains a cornerstone for the global WGPSN business. Our UK growth will be driven by the diversification of our services, namely the expansion of our project management, commissioning and decommissioning capabilities."

The firm has continued to achieve growth in the UK North Sea, where its production maximisation expertise has been in big demand.

In a trading update issued in December, Wood Group told investors: "In Wood Group PSN, growth for the year is underpinned by strong performance in the North Sea and in North America."

Mr Watson succeeded Bob Keiller as head of Wood Group PSN following the latter's promotion to chief executive of the group last year.

Mr Keiller's predecessor Allister Langlands succeeded Sir Ian Wood as chairman.

Mr Watson joined the group board on January 1.

Contextual targeting label: 
Business

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

136699