Wood Group Buys Canadian Pipeline Company
Wood Group said it has acquired Sunstone Projects of Calgary, Alberta, Canada for C$14.5 million.
Sunstone is a pipeline consulting company providing engineering, procurement and construction management (EPCM) services to clients in the Canadian oil & gas industry. Sunstone generated sales of approximately C$21 million in 2013 and employs approximately 70 people.
Sunstone will be rebranded as Wood Group Mustang and operate within its Canadian operations. Sunstone will continue to be led by the existing management team under Sunstone President Barry Bauhuis.
Steve Knowles, president of Wood Group Mustang, said: “The Canadian pipeline system is expected to expand to ensure access to markets for oil & gas produced in Western Canada. The acquisition of Sunstone will strengthen our ability to provide our clients with services in this area. Sunstone’s capability and geographic presence are complementary to Wood Group Mustang’s existing pipeline business. Sunstone has an excellent reputation for pipeline project execution and will be an important part of our Canadian growth strategy.”
Press Release, April 1, 2014; Image: Wood Group