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John Wood Group PLC - Aberdeen, Scotland-based oilfield and engineering services provider - Signs three "major agreements" with oil major BP PLC for engineering and project delivery services. Does not give any financial details of the contracts but says they consist of one new three-year deal and three-year extensions of two others. They cover a new master services agreement for engineering, procurement and construction management services and the extension of contracts for conceptual engineering and front end engineering and design services.
The deals cover all of BP's business units, upstream and downstream, and both offshore and onshore assets. "We are delighted to enhance our partnership with bp, which continues to go from strength-to-strength," says Wood Chief Executive Officer Ken Gilmartin.
The positive news comes after a torrid run for John Wood Group, as its shares have halved, bringing the company to the brink of exclusion from the FTSE 250 index. However, in the quarterly review announced late Wednesday, John Wood remained a constituent.
Current stock price: 70.35 pence, up 8.7% in London early Thursday
12-month change: down 50%
By Tom Waite, Alliance News editor
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