Aberdeen-headquartered Wood (LON: WG) has won a multi-region engineering services contract by support BP (LON: BP).
The energy services giant will support efficient and safe energy production through the provision of asset repairs, modifications and enhancements.
Wood was unable to give a specific list of the different regions covered, but confirmed the deal does include BP’s North Sea assets.
Valued at around $350 million, the five-year reimbursable contract will be delivered through “agile working methods”.
In doing so Wood aims to optimise cost and delivery performance, enabling operational efficiencies to be realised across BP’s offshore installations.
This agreement between the pair renews Wood’s existing contracts in the regions to support BP to produce energy safely, efficiently, and reliably.
Craig Shanaghey, executive president of operations at Wood, said: “This opportunity is exciting for Wood because it has allowed us to think big, knowing that with BP’s own bold ambitions, we can help meet the world’s energy needs as efficiently as possible.
“Being able to truly leverage the breadth of experience and capability from right across our business will allow us to provide a solution that delivers transformational results.
“We have an extensive track record with bp and, for the first time, this multi-region approach allows us to combine these contracts into one single delivery model that puts exceptional execution, innovation, and simplification at its heart.”
The multi-region contract will be led by Wood’s operations business unit, with a centralised contract management team and local delivery teams.
It will be supported by Wood’s global execution centre.
Brian Chalmers, responsible for Wood’s global relationship with BP and president of strategy and development for operations, said: “I am delighted that we will have the opportunity to drive a step change in the performance of BP’s offshore portfolio.
“We have proven that when we work in partnership, we can deliver transformational outcomes that support BP’s ambition to drive higher efficiency and productivity across their assets.”
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