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Wood Group wins £119m contract extension

ABERDEEN oil services company Wood Group has won an extension of a North Sea contract for independent producer Canadian Natural Resources, worth about $180 million (£119m) over the next three years.

Wood Group said the extension of its PSN division's contract with CNR International UK would enable it to secure employment for 200 offshore personnel, and 250 onshore staff working from its offices in Aberdeen, Runcorn in Cheshire, and Hull.

Under the contract, Wood Group PSN provides project management, engineering, construction and general commissioning services on CNRI's Murchison, Tiffany, and Ninian North, Central and South platforms in the North Sea. Wood Group PSN has held the contract since 2005, and the extension is effective immediately.

In the UK, Wood Group PSN employs more than 8000 people, onshore and offshore.

On Monday Wood Group said its PSN unit had won an 18-month extension worth AUS$45m (£31m) to provide maintenance services to refineries. This contract, to provide maintenance management, mechanical and support services at the Lytton refinery in Brisbane and the Kurnell site in Sydney, was awarded by Caltex Australia. Wood Group PSN employs more than 200 people at these sites.

Shares in Wood Group rose 7p to 863.5p yesterday.

David Stewart, UK managing director of Wood Group PSN, said: "We look forward to continuing our long-term relationship with CNRI."

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