Energy service giant Wood Group has continued its springtime spending spree with the acquisition of US business Cape Software.
Aberdeen-based Wood Group did not put a value on its latest deal, but Cape’s revenue during 2013 totalled about £3million.
Cape, founded in 1990 and headquartered in Texas, is a provider of specialist computer software and services for the oil and gas and other process-based industries.
It will become part of the MSi Kenny Products business within Wood Group Kenny, one of FTSE 100 Index-listed Wood Group’s subsidiaries.
Michael Mai, a member of the Wood Group Kenny leadership team and president of MSi Kenny, said: “The acquisition of Cape expands our product and service portfolio for customers worldwide and is an important part of our technology-led growth strategy.
“Cape also provides us with an avenue to bring our simulation technology to other industries for cost-efficient process optimisation and monitoring.”
Wood Group Kenny is said to be the world’s largest independent specialist subsea, pipeline and riser engineering and management contractor, employing more than 2,800 people globally. The parent employs more than 46,000 people in 50 countries and generates more than £4billion in annual sales.
Wood Group’s latest acquisition comes hot on the heels of it winning a multimillion-pound contract to supply critical equipment for the huge Kashagan oil and gas development in Kazakhstan.
Earlier this month, the company announced it had snapped up Canadian business Sunstone Projects for £7.9million and secured millions of pounds worth of work in Australia. Other major deals involving the company this year include a £300million contract with Talisman Sinopec Energy (TSE) UK, safeguarding 550 jobs, to provide engineering and modification services for 11 North Sea assets and Orkney’s Flotta oil terminal.
Recommended for you
