Wood Group PSN Awarded £500 Million North Sea Contracts With Talisman Energy

Tuesday, November 15, 2011
  • Wood Group PSN has been awarded a new five-year contract, with an option to extend for a further five years, from Talisman Energy (UK) Limited.
  • Wood Group PSN is to provide 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 £90 million per annum and will begin 15th November 2011.
  • Talisman Energy (UK) has also extended Wood Group PSN's existing Engineering & Modifications Services contract, worth £50 million per annum, until the end of 2012.

Wood Group PSN has been awarded a new five-year contract, with an option to extend for a further five years, from Talisman Energy (UK) Limited, a subsidiary of Talisman Energy Inc, to provide 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 £90 million per annum and will begin 15th November 2011.

In addition, Talisman Energy (UK) has also extended Wood Group PSN's existing Engineering & Modifications Services contract, worth £50 million per annum, until the end of 2012.

"We are delighted that Talisman has chosen to continue its long term relationship with Wood Group PSN. This decision reflects the company's successful delivery of Talisman's requirements over the last eight years," said Bob Keiller, CEO of Wood Group PSN. "We will build on this success by supporting Talisman in delivering its Operational Excellence strategy to assure both our long term futures in the North Sea".

Wood Group has approximately 1,400 personnel working under the contracts with Talisman, with 1,100 based on Talisman offshore assets and onshore sites and 300 based onshore in Aberdeen and Glasgow. Across the UK, Wood Group PSN has a workforce of almost 7,000 personnel. With offices in Aberdeen, Glasgow, Runcorn and Hull the company has over 2,900 onshore and approximately 4,000 offshore personnel.

Geoff Holmes, Senior Vice President of Talisman Energy (UK) Limited said: "This is a significant piece of the jigsaw in terms of delivering improved safety and operational performance at our 12 Talisman UK sites.

Wood Group PSN's expertise is providing highly competent maintenance and operations personnel and the award of a contract of this duration demonstrates the confidence we have in Wood Group PSN's proven capabilities.

Coupled with our recent decision to transfer 170 offshore supervisors from Wood Group PSN to Talisman, which significantly strengthens the site leadership team, this contract will help deliver our long-term strategic goal of safe, efficient production over the next ten years."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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