Wood Group wraps up PSN merger

Release Date: 2011-04-21

UK services giant Wood Group has completed its merger with Australia’s PSN to create brownfield services provider Wood Group PSN.

The newly formed company will have a workforce of 23,000 personnel operating in 35 countries and is expected to generate revenues of about $3 billion per year.

The company will be based in Aberdeen but be split into three operating regions – UK, Americas and International – with a senior manager in each region responsible for safety, financial performance and growth.

"Wood Group PSN will have a larger footprint, deeper resources and capabilities and, by selecting best practices, be able to deliver additional value to customers,” Wood Group chief executive Allister Langlands said.

“The combined business will be better positioned to help tackle key industry issues, including operational assurance, competency, reliability and asset integrity."

Wood Group originally launched the takeover bid for PSN in December last year in a $955 million cash deal.

Former PSN chief executive Bob Keiller has been appointed head of Wood Group PSN and as an executive board director of Wood Group.

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