African contract extensions worth $250m for Wood Group PSN

Wood Group PSN (WGPSN) has secured two major contract extensions in Africa, worth around $250mn USD.
WGPSN has secured a five year contract extension to provide operations, maintenance and construction management services for asset facilities in central Africa in a deal worth more than $140 million USD. The contract employs about 580 people and marks the continuation of a contract first awarded in 2006.
An additional contract extension to provide operations and maintenance services to assets in Equatorial Guinea boosts the company’s success in Africa. This three year contract extension is worth more than $110 million USD and secures employment for around 130 people both onshore and offshore. The contract was first awarded to WGPSN in 2003.
Wood Group has also recently established a new joint venture (JV) in West Africa. Wood Group Ghana Limited is now a partnership with Mr Kwaku Boafo Nyantekyi-Owusu, and enables the Group to bring integrated services and technical support services to the oil and gas sector in Ghana.
Wood Group is a 49% shareholder in the JV which will be jointly operated and led by Mr Nyanteki-Owusu, as president and majority shareholder.
James Crawford, WGPSN managing director for Africa, said: “We are extremely proud of our performance in Africa. These contract renewals and our new joint venture are testament to the standards of the services we provide and our commitment to expansion and investment in Africa. Our focus centres on safety performance, consistent delivery, developing a competent and skilled local workforce and supporting the communities where we operate.
“We are focused on the continued development of our people, especially our local management teams in Africa. Today, nearly 90% of our maintenance contract personnel across the region are nationals.”
In Africa, WGPSN employs more than 3,000 people working onshore and offshore. The company currently operates in Algeria, Angola, Cameroon, Chad, Egypt, Equatorial Guinea, Ghana, Mozambique, Nigeria, South Africa, Tunisia and Uganda.
Source: woodgroup
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