Wood Group Bags $200 Mln Life of Field Job in UK North Sea

Wood Group PSN (WGPSN) has secured its second North Sea duty holder contract extension this year.

Valued at approximately $200m (£140m GBP), the life of field contract from Ithaca Energy will see WGPSN operate and deliver managed services to the Beatrice offshore platforms and Nigg onshore terminal until the end of their operating life.

This award marks the continuation of a contract WGPSN has retained with Ithaca since 2008. Situated in the North Sea, the Beatrice field is the largest oilfield in the Inner Moray Firth area. The Beatrice platforms and Nigg onshore oil terminal came on stream in 1981 with an expected 30 year life span. Since taking over the operation, WGPSN has
delivered asset life extension programmes which have considerably increased the expected asset life of Beatrice and Nigg.

This new contract secures almost 200 UK jobs, primarily offshore, and is one of two UK duty holder contracts maintained by WGPSN.

Dave Stewart, UK managing director of WGPSN said: “We are delighted to receive this award and build on the excellent relationship we have developed with Ithaca over the past five years. This is our first life of asset contract globally and is reflective of our capability and expertise to deliver operations services and develop a programme for late life asset management, taking these facilities through operations to the decommissioning phase when the time comes.”

The award follows the multi-million dollar extension to provide duty holder and asset management services for the
Teekay PJ Hummingbird Spirit FPSO (floating production storage offloading) vessel, announced in May 2013. Situated on the Centrica operated Chestnut field in the North Sea, this was WGPSN’s first duty holder contract, awarded in 2008.

In the UK, Wood Group now employs more than 11,000 people working onshore and offshore.

Press Release, June 11,2013