Wood Group expands overseas operations with Australian deal

Published Date: 22 August 2008 WOOD Group has extended its international operations after buying Marine & Offshore Group, an Australian oil and gas safety training company. Financial details of the deal were not disclosed yesterday, but Wood said the company it was buying generated revenue of US$9 million (£4.8m) in the year to 30 June, with earnings before interest and tax of $1.2m and gross assets worth $8.3m. is currently active in Australia, New Zealand, Singapore, Kazakhstan and Nigeria and is in the process of setting up operations in Tunisia, Libya and Egypt, Wood said in a statement. The acquired company will retain its name, with Rick Parish staying on as chief executive. Around 200 staff will be transferred into Wood Group's Engineering & Production Facilities division. Analysts at Royal Bank of Scotland said the... [read full story]