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LONDON (Alliance News) - John Wood Group PLC Tuesday said it has entered into a new sector in the UK after securing a five-year framework agreement to provide services to the onshore Pembroke refinery in south-west Wales.
John Wood shares were down 2.7% to 570.0 pence per share on Tuesday afternoon.
The company has secured the contract from Valero Energy, an international manufacturer and marketer of transportation fuels, petrochemical products and power. John Wood will carry out the work through Wood Group Industrial Services and Wood Group PSN.
Wood Group Industrial Services is the industrial arm of Wood Group PSN, which focuses on providing pre-operations, hook up & commissioning, operations & maintenance, engineering, construction and project management to the energy industry.
"The contract signifies an important expansion for Wood Group into the UK petrochemical sector. Wood Group Industrial Services will deliver surface preparation and application of protective coatings under the contract, which has a one year extension option," said the oilfield services company.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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