(Alliance News) - John Wood Group PLC on Monday said it was awarded a two-year contract extension by Brunei Shell Petroleum Co.
John Wood, an Aberdeen, Scotland-based consulting and engineering company, said that the renewal of its contract with Brunei Shell Petroleum would focus on reviving the company's offshore energy asset portfolio to maximise production capacity and efficiency.
Brunei Shell Petroleum is the Panaga, Brunei-based oil and gas joint venture between Shell PLC and the Brunei government. Formed in 1929, it is Brunei's largest energy producer, accounting for 90% of the country's output.
John Wood said that the scope of the contract involves brownfield engineering, construction and commissioning services.
Chief Executive Officer Ken Gilmartin said: "Wood is pleased to continue support Brunei Shell Petroleum's offshore assets in the next phase of its rejuvenation project to upgrade core assets which account for around 80% of Brunei Shell Petroleum's production, making this work critically important to the company."
John Wood PLC originally won the contract from Brunei Shell Petroleum for five-years in December 2003, forming a joint venture with engineering company Syarikat Kejuruteraan Sistematik, and engineering consultancy Petrokon Utama.
The company said that the extension to February 2026 means it will be able to deliver a range of services to Brunei Shell Petroleum's top twenty offshore installations.
"This extension shows progress on our strategy; which focuses on reimbursable projects and complex work in critical industries; that we laid out last year and demonstrates the strength of our relationship with an important client in the region," said CEO Ken Gilmartin.
Shares in John Wood were up 1.1% at 136.76 pence in London on Monday morning.
By Will Neill, Alliance News reporter
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