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Contract with Aramco

Wood shares higher on Saudi Arabia deal

Robin Watson

Robin Watson: ‘we continue to ambitiously pursue opportunities

Shares in Wood Group were 2.5% higher after the company said it had won a “multimillion-dollar” contract with oil giant Saudi Aramco.

The Aberdeen-based energy and engineering services firm said the five-year deal will is for of Aramco’s “mega projects” in Saudi Arabia.

Wood, which completed its acquisition of Amec Foster Wheeler last year, said it will start providing engineering and project management services to develop the Marjan oil field in the country’s eastern province as part of the contract.

Wood has worked with Saudi Aramco for more than 30 years. In November 2017, the two companies entered a memorandum of understanding demonstrating Wood’s continued commitment to creating and accelerating opportunities for local workforces in the Kingdom of Saudi Arabia.

Robin Watson, Wood’s chief executive, said: “We look forward to working in close partnership with Saudi Aramco.

“We have been operating in the Middle East for around 75 years and continue to ambitiously pursue opportunities to leverage our global expertise and grow our presence in the region.

“Our commitment to growing capability and capacity in the Kingdom will be demonstrated further on this contract, where we will focus on nurturing talent, providing employment opportunities and partnering with the supply chain.””

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