International energy service company Wood Group announced an Irish acquisition yesterday.
No value for the deal for Shanahan Engineering has been officially disclosed, but it is understood to be worth more than £20million.
Dublin-based Shanahan, which employs up to 300 people, provides power-plant installation, commissioning and maintenance services to the power and industrial sectors.
Outwith Ireland, it also has offices in Italy, Japan, Turkey and the UK, and will operate in Wood Group’s GTS division.
Mark Papworth, chief executive of Aberdeen-based GTS, said: “The acquisition of Shanahan Engineering is part of our ongoing strategy to expand and enhance our EPC (engineering, procurement and construction) capability and extends our geographic footprint.
“It will reinforce our position as a solutions-orientated provider of power-plant EPC services and enhance our ability to support clients’ new power plant requirements internationally.
“Longer term, demand for fast-track natural gas-fired generated power is expected to increase and we see this leading to strong demand for our services.”
James Greaney, senior vice-president of Shanahan, said: “We are delighted to be joining Wood Group. This brings together a strong set of complementary skills for our customers and presents development opportunities for the business and our people.”
Shanahan is largely owned by Liam Shanahan, president of the Irish Exporters Association.
The firm was set up 30 years ago by Mr Shanahan’s father, also Liam.
It focused initially on large European power-generation projects, but expanded to work across the globe on power generation, oil and gas projects, industrial process and renewable energy.
Shanahan’s diverse projects have included work on the Trans-Siberian Pipeline in Russia and on the world’s first industrial gas turbine, at Baglan Bay, in Wales.
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