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Wood Group in £150m extensions

WOOD Group has won another $250 million (£150m) of business in Africa where the oil services giant is targeting expansion.

The Aberdeen-based group has been awarded extensions to two big contracts in central Africa and has launched a joint venture to tout for business in Ghana's fast-growing oil and gas market.

The Wood Group division that helps firms maximise production from existing assets has secured a further five years' work under a contract covering operations maintenance and construction management services in Central Africa, in a deal worth more than $140 million.

The company said its Central Africa business unit covers Chad, Cameroon, Gabon and Nigeria.

Wood Group has also won a three-year extension of a contract to provide operations and maintenance services for assets in Equatorial Guinea, off West Africa, worth $110m.

The company did not identify either of the companies that awarded the extensions.

Wood Group appears to be looking to capitalise on the rapid growth of the market in Ghana, where companies such as Tullow Oil have made big finds in recent years. This has created opportunities for services firms with the expertise to help companies bring finds on-stream and to operate and maintain the related production facilities.

The firm has established the Wood Group Ghana joint venture, its first in the country, with Mr Kwaku Boafo Nyantekyi-Owusu.

The businessman has a 51% stake in the venture, while Wood has 49%.

Wood Group has offices in a number of other African countries.

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