REG - Wood Group (John)PLC - $250m contract extension in Brunei

John WoodAnnouncement

03/07/2023 07:00

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RNS Number : 6470E  Wood Group (John) PLC  03 July 2023

 

3 July 2023

 

Wood secures major $250m contract extension in Brunei

John Wood Group PLC ('Wood' or 'the Group') has been awarded a contract
extension worth approximately $250 million (USD) by Brunei Shell Petroleum
('BSP'), Brunei's largest energy producer. The two-year extension will focus
on the continued rejuvenation of BSP's offshore energy asset portfolio to
maximise production capacity and efficiency.

The scope of the contract includes brownfield engineering, procurement,
construction and commissioning services as well as the management of its
offshore marine fleet. The work Wood is undertaking will maximise the
production capacity of the assets whilst minimising related emissions. This
cost-reimbursable contract is delivered by Wood's Operations business unit.

Ken Gilmartin, CEO at Wood, commented: "Wood is pleased to continue supporting
BSP's offshore assets in the next phase of its rejuvenation project to upgrade
core assets, which account for around 80% of BSP's production, making this
work critically important to the company.

"This extension shows progress on our strategy; which focuses on reimbursable
projects and complex work in critical industries; that we laid out last year
and demonstrates the strength of our relationship with an important client in
a key region. It is also testament to our track record of performance
excellence, safe operations and innovative technical expertise. The award also
highlights our continued focus on ensuring energy security across the region
whilst minimising the environmental impact of doing so."

Employing around 1,500 skilled employees under the contract, 65% of which are
local to Brunei, Wood is committed to investing in local people and
capabilities through the Wawasan Brunei 2035 programme to advance employment
and skills of the country's national workforce.

The extension to February 2026 means Wood will deliver a range of services to
BSP's top 20 offshore installations, which account for around 80% of the
company's total oil and gas production. The contract will be delivered by
Wood's teams in Brunei from the company's main location in Kuala Belait and
offshore, supported by the Manila, Philippines office.

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Note to Editors:
Wood is a global leader in consulting and engineering, delivering solutions to
critical challenges in energy and materials markets. We provide consulting,
projects and operations solutions in 60 countries, employing over 35,000
people. www.woodplc.com (https://www.woodplc.com/)

 

 

For further information:

 

 Simon McGough, President, Investor Relations  +44 (0)7850 978 741
 Alex Le May / Ariadna Peretz, FTI Consulting  +44 (0)20 3727 1340

 

 

 

 

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