Wood Group & PSN merger forms global giant
New company will have revenue of $3 billion and 23,000 employees
Wood Group and PSN can confirm that the deal to merge Wood Group’s Production Facilities business with PSN was completed on April 20, 2011. The merger creates the world’s leading brownfield service provider with annual revenues of around US$3 billion and a 23,000 strong workforce operating in more than 35 countries.
Bob Keiller, CEO of PSN and now CEO of Wood Group PSN has been appointed as an executive board director of Wood Group. He said: “The completion of this deal is a momentous occasion for both companies. Our aim is for Wood Group PSN to be the best brownfield services company to work for and the best company to work with. We have excellent relationships across a broad customer base and we have the capacity to invest and develop our people and our processes so that we can offer an unrivalled service.”
Wood Group PSN will be headquartered in Aberdeen, UK. There will be three separate operating regions: UK, Americas and International, each led by a senior manager responsible for safety, financial performance and growth.
Commenting on the successful completion of the deal, Allister Langlands, Chief Executive of Wood Group, said: "Wood Group PSN will have a larger footprint, deeper resources and capabilities and, by selecting best practices, be able to deliver additional added value to customers. The combined business will be better positioned to help tackle key industry issues, including operational assurance, competency, reliability and asset integrity."