Wood Group acquires Pyeroy Group Limited
Wood Group announces the acquisition of Pyeroy Group Limited ("Pyeroy"), a provider of specialist coatings, access and fabric maintenance services to the oil & gas, marine and rail industries. Headquartered in Gateshead, UK, Pyeroy was founded in 1973 and employs approximately 1,800 personnel at eight locations throughout the UK and Ireland.
Pyeroy generated revenue and EBITA of £88.9m and £4.6m for the year ended 31 December 2012. Pyeroy will continue to be led by Hugh Pelham, managing director, and will operate within the Wood Group PSN division.
Pyeroy has an excellent track record of growth and delivery of key note projects. Their complementary range of services extends Wood Group PSN’s existing range of offshore brownfield engineering & construction, operations & maintenance and decommissioning services.
Robin Watson, CEO of Wood Group PSN said: "Pyeroy has an excellent track record of supporting the operational needs of major oil & gas, marine, and rail customers and has a high quality, highly trained workforce. The acquisition of Pyeroy marks a strategic move into specialist coatings, access services and fabric maintenance which broadens our service offering to oil & gas customers. These services are particularly relevant for extending the life of existing infrastructure, and for decommissioning projects. As an example Pyeroy’s expertise on the Forth Rail Bridge refurbishment can be transferred into the oil & gas sector."
"The fit is ideal, strategically," said Hugh Pelham. "We have room for growth in the oil & gas sector and we also have the skills and experience to complement Wood Group PSN’s oil & gas capability. We believe that joining Wood Group will enable us to offer a broader service offering to our customers. We will be joining a Group that shares our commitment to safety and provides the highest quality service to our customers."
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Notes to editors:
Wood Group is an international energy services company with around $7bn sales, employing around 43,000 people worldwide and operating in 50 countries. We have three businesses - Wood Group Engineering, Wood Group PSN and Wood Group GTS - providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide. www.woodgroup.com
Wood Group PSN is a global provider of pre-operations, hook up & commissioning, operations & maintenance, engineering, construction, project management, training and decommissioning services to the energy industry. Employing over 29,000 people in more than 40 countries, Wood Group PSN offers high integrity, brownfield services that support customers to optimise performance, maintain production, reduce operating costs and provide integrity assurance. www.woodgroup-psn.com
Pyeroy is a privately owned, specialist coatings and access service contractor, established in 1973 and currently employing more than 1,800 personnel in eight locations in the UK and Ireland. Headquartered in Gateshead, an Aberdeen office was established this year to support its renewables, offshore infrastructure and oil & gas activities.
For further information contact:
Carolyn Smith, Corporate Communications - Eastern Hemisphere
Tel: +44 (0) 1224 851099, email: Carolyn.firstname.lastname@example.org
For investor and analyst enquiries:
Nick Gilman, Head of Investor Relations & Corporate Communications, Wood Group
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