Wood Group wins contract extension

FTSE 100 energy services giant Wood Group has announced that its PSN business (WGPSN) will continue to provide duty holder and asset management services to the Hummingbird Spirit floating storage offloading production (FPSO) vessel, under a new contract extension from Teekay.

FTSE 100 energy services giant Wood Group has announced that its PSN business (WGPSN) will continue to provide duty holder and asset management services to the Hummingbird Spirit floating storage offloading production (FPSO) vessel, under a new contract extension from Teekay.

Beginning April this year, the contract continues until the end of 2013 and has the option to extend until March 2015. The two-year extension option is valued at $87m (£56m).

WGPSN has provided duty holder and asset management services to the North Sea FPSO - situated in the Chestnut field, central North Sea - since it was commissioned in 2008 and was the company's first duty holder contract.

Dave Stewart, the UK managing director of WGPSN said: "As duty holder, we have complete responsibility for Hummingbird's operations management and are proud of the quality, standard of delivery and excellent safety record we have recorded to date.

"In 2012 we were recognised for our achievements when we won the offshore contractors association (OCA) challenge award in the safety category, for an outstanding shutdown on Hummingbird.

"WGPSN is one of the few service companies in the UK to be contracted to duty holder responsibilities and we're delighted to receive this extension and continue to have the Hummingbird project in our UK portfolio."

The new contract retains almost 100 UK jobs, primarily offshore, and is one of two UK duty holder contracts maintained by WGPSN.

The company also has the duty holder contract for Beatrice offshore platform & Nigg onshore terminal for Ithaca, a contract it has held since 2009.

NR

Recommended

Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Three fast-growing, undervalued UK mid-cap stocks to buy now
Share tips

Three fast-growing, undervalued UK mid-cap stocks to buy now

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing UK mid-cap stocks to buy now.
18 May 2022
Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022