|By PR Newswire||
|April 1, 2014 02:00 AM EDT||
HOUSTON, April 1, 2014 /PRNewswire/ --Wood Group has acquired Sunstone Projects Ltd. ("Sunstone") of Calgary, Alberta, Canada for C$14.5 million. Sunstone is a pipeline consulting company providing engineering, procurement and construction management (EPCM) services to clients in the Canadian oil & gas industry. Sunstone generated sales of approximately C$21 million in 2013 and employs approximately 70 people.
Sunstone will be rebranded as Wood Group Mustang and operate within its Canadian operations. Sunstone will continue to be led by the existing management team under Sunstone President Barry Bauhuis.
Steve Knowles, president of Wood Group Mustang, said: "The Canadian pipeline system is expected to expand to ensure access to markets for oil & gas produced in Western Canada. The acquisition of Sunstone will strengthen our ability to provide our clients with services in this area. Sunstone's capability and geographic presence are complementary to Wood Group Mustang's existing pipeline business. Sunstone has an excellent reputation for pipeline project execution and will be an important part of our Canadian growth strategy."
Barry Bauhuis, president of Sunstone, said: "We are extremely excited to be joining Wood Group. As a part of a larger integrated engineering group we will continue to provide the same great service to existing clients while being able to pursue larger and more complex pipeline opportunities."
Notes to Editors
Wood Group is an international energy services company with around $7bn sales, employing about 46,000 people worldwide and operating in 50 countries. The Group has three businesses – Wood Group Engineering, Wood Group PSN and Wood Group GTS - providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide. www.woodgroup.com
Wood Group Mustang provides award-winning services to the global energy industry. From concept to completion, Wood Group Mustang provides project management, construction management, engineering and procurement services to the offshore, onshore, pipeline, refining, chemicals, industrial and automation sectors, operating in countries throughout Africa, Asia, Europe, the Middle East, Latin America and North America. For more information, visit www.mustangeng.com, www.wgmustang.ca or connect with us on Facebook, LinkedIn or Twitter.
SOURCE Wood Group