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Wood Group lands US$53mln of new business in Abu Dhabi

It is to provide project management consultancy services for major projects

oil and gas operations
ADNOC is targeting 4mln bopd of production capacity by 2020

Wood Group (John) Plc (LON:WG.) told investors it has landed three new contracts in the United Arab Emirates, with a subsidiary of Abu Dhabi National Oil Company (ADNOC).

The contracts are to provide project management consultancy services for major projects at onshore fields in Abu Dhabi as ADNOC advances growth programmes targeting production capacity of 4mln barrels of oil per day by 2020.

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The value of the new contracts is expected to total US$53mln.

"Wood has a strong foothold in the Middle East and our strategic focus on continuing to broaden the capabilities we deliver to the oil and gas market in this region is demonstrated by these new contracts,” Dave Stewart, chief executive of Wood’s Asset Solutions business.

"We look forward to working closely with ADNOC Onshore to continue to deliver safe and effective services, applying our ingenuity and expertise to maximise production of its onshore assets in line with their 2030 strategy.”

Quick facts: Wood Group (John) PLC

Price: 347.9 GBX

LSE:WG.
Market: LSE
Market Cap: £2.38 billion
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