Wood Group has taken full control of an Australian joint venture it launched with a partner three years ago.
The Aberdeen energy service giant said yesterday its PSN subsidiary had acquired the 45% stake that was held by Toowoomba-based Wagners Oil & Gas.
Brisbane-based Wood Group Wagners supplies Queensland gas producers with technology for developing coal seam gas.
Its name is changing to Wood Group PSN (WGPSN) Queensland and will now operate as an integrated part of PSN’s business in Australia.
The financial details of the acquisition were not disclosed.
Matt Gavin, WGPSN managing director for Australia and Asia Pacific, said: “We broadened our engineering and project management capability in Australia with this joint venture and today we are in an excellent position to be able to build on our portfolio of brownfield projects in the region.”