Aberdeen oil services group Wood issues major North Sea news
Wood added that it would, through the extensions, continue to 'support operations for an extensive offshore portfolio'. This includes Shell UK's Shearwater, Gannet, Nelson and Penguins assets; CNOOC's Golden Eagle, Buzzard and Scott fields; and the Triton and Western Isles FPSOs (floating production, storage and offloading vessels) for Dana Petroleum.
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Under the cost-reimbursable arrangements, Wood recovers costs incurred in executing the contracts from the clients, and earns a profit margin.
As it announced its success in extending this North Sea work, Wood highlighted its securing last year of all of its contract renewal and extension options across its UK North Sea portfolio.
Wood announced on April 14 that it had received a 'holistic non-binding conditional proposal' from Dubai-based Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (Sidara), including a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company. A 35p a share offer would value Wood at around £240 million.
Shares in Wood were last July, before they were hit by a series of negative updates from the company, trading significantly above 200p.
On April 17, Wood announced its board had requested, and the Takeover Panel had consented to, an extension to the deadline by which Sidara is required either to announce a firm intention to make an offer for the Aberdeen company or to announce that it does not intend to make an offer to 5pm on May 15. This deadline can be further extended with the agreement of the board of Wood and the consent of the Takeover Panel.
Steve Nicol, Wood's president of operations, said today: 'We have an unmatched legacy in operating and maintaining North Sea energy infrastructure. Our longstanding clients continue to partner with us to enhance operations and improve production efficiency to ensure a reliable, safe and sustainable energy supply.
'In 2024, we secured 100% of our contract renewal and extension options across our UK North Sea portfolio and continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.'
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