Oilfield support services giant Wood Group said it had been awarded a £500m contract to provide maintenance services in the North Sea.
The five-year deal with Talisman Energy, which has an option to extend for a further five years, will see Wood providing operations and maintenance services on all 11 of Talisman's UK offshore assets and at the Flotta Oil Terminal on Orkney.
The contract will be worth £90m per annum and will begin 15th November 2011.
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
In addition, Talisman has also extended Wood's existing engineering and modifications services contract, worth £50m a year, until the end of 2012.
Wood currently has approximately 1,400 personnel working under the contracts with
Talisman, with 1,100 based on offshore and onshore sites and 300 based onshore in Aberdeen and Glasgow.
"This is a significant piece of the jigsaw in terms of delivering improved safety and operational performance at our 12 Talisman UK sites," said Geoff Holmes, senior vice president of Talisman.
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
