UK: Wood Group Acquires Production Services Network Ltd

Wood Group, the international energy services company, confirms the completion today of the acquisition of Production Services Network Limited (“PSN”).

Bob Keiller has today been appointed as executive director of Wood Group and CEO of the combined Wood Group PSN production services business.

In connection with the acquisition, Wood Group has made applications to the UKLA and London Stock Exchange relating to the admission of 10,511,413 ordinary shares (being consideration shares due to certain vendors of PSN) to the Official List of the UKLA and to trading on the London Stock Exchange respectively (“Admission”). Admission is expected to take place on 21 April 2011.

Production Services Network (UK) Limited (PSN) is one of the largest private Scottish companies. PSN provides engineering, construction, commissioning, operations, and maintenance services to the owners of energy assets across the globe. It operates in the Americas, Africa, the Asia Pacific, Europe, the Middle East, and the CIS regions. PSN also offers project management, medical systems services, hook-up and commissioning  services and Integrity Management services. The company has various support services and other contracts with Noble Energy, Inc., Caltex Australia Ltd, and Nexen. It was formerly known as KBR Production Services, Ltd. PSN is headquartered in Aberdeen, the UK

Wood Group is an international energy services company with $5.5bn sales, employing more than 34,000 people worldwide and operating in 50 countries. The Group has three businesses – Engineering, Wood Group PSN and Gas Turbine Services – providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide.*

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Source:Wood Group , April 21,2011;