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