Wood Group announces acquisition of Agility Projects
- Business & Finance
Wood Group has reached an agreement with Agility Group to acquire Agility Projects AS, a Norwegian engineering, procurement, construction management, installation and commissioning company, for a total consideration of NOK 1,008m (approximately $164m1).
Based in Sandefjord, near Oslo, Agility Projects, which is a wholly owned subsidiary of Agility Group AS, is focusing on activities on the Norwegian Continental Shelf (NCS) and employs 650 personnel with operations in Oslo, Stavanger, Bergen, Moss and an engineering office in Shanghai, China.
Agility Projects will operate within Wood Group Mustang’s offshore business and will be headed up by the current Agility Group CEO, Otto Søberg, and the existing Agility Projects management team.
The transaction is subject to a number of conditions, including competition approval in Norway, and completion is expected in Q3 2014.
Steve Knowles, chief executive officer of Wood Group Mustang, said: “Agility Projects’ reputation is very well-established in Norway and represents a strategically important acquisition for Wood Group Mustang as it increases our exposure to the greenfield and brownfield engineering markets on the NCS. Agility Projects complements Wood Group’s existing engineering activities in Norway and recently we successfully collaborated in winning the Ivar Aasen topside engineering project in Norway.”
Otto Søberg, chief executive officer of Agility Group, said: “Agility Group is very pleased to have found a new home for Agility Projects and the business is very excited to become part of Wood Group as it provides access to more engineering resources, allowing Agility Projects to offer a better level of service to our existing and new clients and enable us to pursue larger and more complex offshore engineering projects. The culture and core values of Agility Projects represent a perfect fit with Wood Group Mustang as we both focus on quality of service, customers and employees.”