An Aberdeen-based oil and gas company's US branch will work with one of the world's largest petrochemical companies during their multi-billion dollar Texas expansion. Wood Group's Mustang's Automation and Control business unit is providing process control systems, detailed engineering, procurement and fabrications services for the huge project by ExxonMobil Chemical Company.
Wood Group will reduce costs by more than $30million this year in light of the declining oil price. The company said it will keep a tight rein on costs and apply "tougher filters" to potential acquisitions. Despite the reduction in costs, Wood Group's revenue rose 7.8% to $7.6billion and profit after tax also saw a boost from $300.5million the previous year to $336.3million.
Over the past 3 months the share price of the Wood Group has fallen by 21.5%. The recent announcement of the creation of a possible 150 new jobs on the back of winning a £500 million contract for BP may help stabilise this price slide. But like all oil service companies their share price fate is dependent on the price of a barrel of oil. And the once powerful international oil industry appears to be impotent to influence prices one iota at present.
An advisory group has been established to help the Government address Scotland’s failure to equip young people for work. Sir Ian Wood will be a founding member of the Scottish Government’s Developing the Young Workforce National Advisory Group. The oil magnate chaired the Commission for Developing Scotland’s Young Workforce, which found Scotland is “simply not preparing or equipping young people for the world of work”.
Wood Group has bought over a construction and fabrication services company in the US for $36.3million. The company has acquired Swaggart Brothers which employs 200 staff in locations across America. It covers a number of oil and gas activities in shale basins including the Permian, Eagle Ford, Niobrara and Bakken.
Wood Group's boss was inducted into the Entrepreneurial Scotland Hall of Fame at a ceremony in Glasgow last night. Bob Keiller, the Aberdeen-based energy service company's chief executive, follows in the footstep of illustrious names like Sir Moir Lockhead, Donald Macdonald and Sir Ian Wood who have all received the accolade. Established in 2002 to recognise exceptional leadership, the Entrepreneurial Scotland Hall of Fame recognises successful entrepreneurs who have made a major contribution to Scottish business life.
A senior management reshuffle at Wood Group means the energy service firm’s biggest operating division is losing its chief executive. Wood Group PSN (WGPSN) CEO Robin Watson, 47, is to become group chief operating officer – a newly created role – during the first half of 2015, the company said yesterday. Aberdeen-based Wood Group also revealed a looming change at the helm of its finance team, with chief financial officer Alan Semple, 55, having announced his retirement.
The chief financial officer of Wood Group will step down from his current role, the company has said. Alan Semple has been in a number of senior financial roles with the company for more than 19 years. He has also been the chief financial officer and a member of the board since 2000.
Wood Group PSN (WGPSN) will continue its work on an offshore Canadian platform in a multi-million dollar deal. The company has been awarded a five-year contract extension for its engineering, procurement and construction services to the Hibernia platform. Hibernia Management and Development Company Ltd (HMDC) awarded the contract for work on the platform, which is in offshore Newfoundland and Labrador.