PSN will merge with Wood Group’s Production Facilities business to form the brownfield production services provider, Wood Group PSN.
The company said that the acquisition of PSN advances Wood Group’s strategy of maintaining an appropriate balance between oil and gas development and later cycle production support.
PSN CEO Bob Keiller will become CEO of the combined production services business and the deputy CEO will be Les Thomas, currently CEO of Wood Group Production Facilities.
The acquisition is subject to relevant anti-trust approvals and completion is expected in the second quarter of 2011. Prior to completion, both Wood Group and PSN will continue to operate as separate entities.
Wood Group chief executive Allister Langlands said that 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 our customers.
