Energy services giant Wood Group has received a 'significant' three-year extension to its North Sea contract with CNR International, the firm announced on Wednesday.
Wood Group's PSN division (WGPSN), which provides brownfield services to the oil and gas industry, has been working on the contract since 2005 and the extension is effective immediately.
WGPSN provides project management, engineering, construction and general commissioning services on CNRI's Murchison, Tiffany, Ninian North, Central and South platforms in the North Sea.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This is a major contract extension and enables us to secure employment for 200 offshore personnel and 250 onshore employees, working from our offices in Aberdeen, Runcorn and Hull. We look forward to continuing our long term working relationship with CNRI."
WGPSN now employs more than 8,000 people working onshore and offshore in the UK.
The news comes after a impressive week of contract wins for Wood Group.
The company announced on March 20th that it had secured 11 new contracts in Africa across five nations worth $240m. It also revealed on Monday that Caltex Australia had extended its refinery maintenance contract by 18 months, worth an extra AUD45m ($47m).
