Last checked at 3 Jul 2023 07:00
3 July 2023
Wood secures major $250m contract extension in Brunei
John Wood Group PLC ('Wood' or 'the Group') has been awarded a contract extension worth approximately $250 million (USD) by Brunei Shell Petroleum ('BSP'), Brunei's largest energy producer. The two-year extension will focus on the continued rejuvenation of BSP's offshore energy asset portfolio to maximise production capacity and efficiency.
The scope of the contract includes brownfield engineering, procurement, construction and commissioning services as well as the management of its offshore marine fleet. The work Wood is undertaking will maximise the production capacity of the assets whilst minimising related emissions. This cost-reimbursable contract is delivered by Wood's Operations business unit.
Ken Gilmartin, CEO at Wood, commented: "Wood is pleased to continue supporting BSP's offshore assets in the next phase of its rejuvenation project to upgrade core assets, which account for around 80% of BSP's production, making this work critically important to the company.
"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 a key region. It is also testament to our track record of performance excellence, safe operations and innovative technical expertise. The award also highlights our continued focus on ensuring energy security across the region whilst minimising the environmental impact of doing so."
Employing around 1,500 skilled employees under the contract, 65% of which are local to Brunei, Wood is committed to investing in local people and capabilities through the Wawasan Brunei 2035 programme to advance employment and skills of the country's national workforce.
The extension to February 2026 means Wood will deliver a range of services to BSP's top 20 offshore installations, which account for around 80% of the company's total oil and gas production. The contract will be delivered by Wood's teams in Brunei from the company's main location in Kuala Belait and offshore, supported by the Manila, Philippines office.
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Note to Editors: Wood is a global leader in consulting and engineering, delivering solutions to critical challenges in energy and materials markets. We provide consulting, projects and operations solutions in 60 countries, employing over 35,000 people. www.woodplc.com
For further information:
Simon McGough, President, Investor Relations | +44 (0)7850 978 741 |
Alex Le May / Ariadna Peretz, FTI Consulting | +44 (0)20 3727 1340 |