OIL services giant Wood Group has promoted Steve Nicol to be the new chief financial officer of the division that helps firms run existing assets like production platforms.

Mr Nicol, 39, will move up to become chief financial officer of Wood Group PSN in February after heading the finance operation for the division's UK business. A chartered certified accountant, Mr Nicol has spent 17 years in the oil and gas industry and gained experience of reporting, auditing, mergers and acquisitions, and financial management. He joined PSN in 1997, some 13 years before the business was acquired by Wood Group. At the time of the takeover PSN was run by Bob Keiller who now heads Wood Group. Wood Group said Mr Nicol will focus on supporting the growth plans of the Wood Group PSN unit and look to deliver efficiencies across the business. Mr Nicol said: "Ensuring WGPSN continues to deliver collaborative and competitive services while operating efficiently across the business, will be my main focus." Mr Nicol will replace David Kemp, who will succeed Alan Semple as group chief financial officer following his retirement in May.