Wood Acquires Oil and Gas Service Provider
A subsidiary of energy services company John Wood Group PLC has acquired SOMIAS Spa, a maintenance and fabrication support provider serving the Algerian oil and gas and petrochemical industries. Wood Group will hold a 55% share and Groupe Asmidal, an Algerian Group and Somias’ current parent, will retain 45% ownership.
SOMIAS Spa had revenues of US$11.8 million for the year ended 31 December 2005, and a gross asset value at that date of $8.9 m. SOMIAS Spa will retain its trade name and continue to be led by Zaghouane Khodja, general manager. The company employs 450 personnel and will operate within Wood Group’s Engineering & Production Facilities division.
“The acquisition of SOMIAS Spa marks a strategic move into North Africa and follows the recent award of the In Amenas engineering and construction modifications contract from the In Amenas Partnership of BP, Statoil and Sonatrach”, said Les Thomas, group director responsible for Wood Group’s Production Facilities activities.
For more information: www.woodgroup.com