Marine Link
Saturday, December 3, 2016

Wood Group Forms Joint Venture With ABT Oil & Gas

June 12, 2014

Courtesy Wood Group

Courtesy Wood Group

 

Wood Group PSN (WGPSN) announced that it has entered into a non-binding Memorandum of Understanding (“MoU”) with ABT Oil and Gas Ltd (“ABTOG”) to create a 50/50 jointly controlled entity.

It is proposed that the new entity will deliver services dedicated to the development of projects for stranded and marginal hydrocarbon fields, initially in the North Sea utilising ABTOG’s intellectual property for buoyant technology and the engineering, project management and delivery execution expertise of WGPSN. The new entity will not participate in field ownership.

Dave Stewart, WGPSN UK’s managing director said: “This is an exciting new development for Wood Group PSN, aimed at maximising recovery of marginal field reserves in the UKCS, reducing running costs for operators and making previously sub-economic fields financially viable.”

Alan Minty, representing ABTOG, commented: “WGPSN is the largest provider of brownfield services to the energy, oil & gas industry in the UK and is the ideal partner enabling the provision of services throughout the entire asset lifecycle, from project management, concept, appraisal and FEED studies to detailed design, construction, installation, commissioning, and operations and, eventually decommissioning and redeployment.”

WGPSN employs approximately 12,000 people onshore and offshore in the UK. The company has offices in Aberdeen, Glasgow, Runcorn and Hull.



 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News