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LONDON (Alliance News) - John Wood Group PLC Monday said it has acquired Norwegian engineering and industrial services company, Agility Projects AS, for roughly USD164 million, strengthening its Norwegian offshore engineering capability.
The FTSE 250-listed industrial services company said Agility Projects, which is a subsidiary of Agility Group AS, is based near Oslo and focuses on activities on the Norwegian Continental Shelf, with 650 personnel currently being employed across its operations.
Wood Group said Agility Projects will operate within Wood Group Mustang's offshore business and will be headed by the current Agility Group Chief Executive Otto Søberg, along with the existing Agility Projects management team.
The company said that the deal is subject to certain conditions, including competition approvals, but if these all go through it should be completed in the third quarter.
"Agility Projects' reputation is very well-established in Norway and represents a strategically important acquisition for Wood Group Mustang as it increases our exposure to the greenfield and brownfield engineering markets on the NCS," Chief Executive Steve Knowles said in a statement.
Wood Group shares were up 0.3% to 761.50 pence on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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