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Wood Group awarded US$50mln contract by Premier Oil to provide North Sea maintenance services

The two year contract - which has three, one year extension options - retains more than 150 jobs and extends Wood Group’s support of Premier Oil in the North Sea

Oil rig
The oil rig services company has delivered operations, maintenance and engineering services to the Balmoral FPV since 2012

John Wood Group PLC (LON:WG.) has been awarded a US$50mln contract by Premier Oil PLC (LON:PMO) to provide maintenance services for the Balmoral floating production vessel (FPV) in the Central North Sea and the Solan installation, West of Shetland.

The two year contract - which has three, one year extension options - retains more than 150 jobs and extends Wood Group’s support of Premier Oil in the North Sea.

The oil rig services company has delivered operations, maintenance and engineering services to the Balmoral FPV since 2012.

Dave Stewart, CEO of Wood Group’s Asset Life Cycle Solutions business in the eastern region said: “This contract clearly demonstrates the strong partnership we have developed with Premier Oil in the North Sea; renewing our support of the Balmoral FPV and broadening our delivery to include the Solan field, which came on stream in April 2016.

Wood Group  - which recently unveiled a £2.2bn agreed bid for engineering contractor AMEC Foster Wheeler PLC (LON:AMFW)) - also currently supports Premier Oil in the delivery of fabric maintenance services to the Balmoral FPV in a separate contract held since 2014.

Premier Oil is in the midst of completing a crucial refinancing to secure the explorer’s future.

Quick facts: Wood Group (John) PLC

Price: 155.65 GBX

LSE:WG.
Market: LSE
Market Cap: £1.07 billion
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