International energy service company Wood Group has acquired a significant equity stake in renewable-energy consultant SgurrEnergy in a move said to be key to the Aberdeen company’s renewables strategy.
The deal, understood to involve a majority stake in Glasgow-based Sgurr, is for an undisclosed but substantial seven-figure sum.
SgurrEnergy provides a range of consultancy, engineering and measurement services to the developers and funders of windfarms and other renewable projects.
It employs about 100 people, mainly in Glasgow but also in Canada, China, India, Ireland, France and America.
It will join the Wood Group Kenny business unit, and work closely on various projects with JP Kenny’s offshore-renewables group. Its projects include the design and management of the £42million Wave Hub project for the South West regional development agency in Cornwall.
Wave Hub is a project to provide a testbed for offshore renewable-energy devices to allow them to produce power to the local electricity grid.
Steve Wayman, chief executive of Wood Group Kenny, said: “I am very pleased that SgurrEnergy is joining Wood Group as part of our ongoing strategy to expand and enhance our renewable-energy capability, delivering proven design and management services to customers’ wind, wave, tidal and solar projects.
“The combination of Wood Group Kenny’s extensive offshore project experience, together with SgurrEnergy’s specific renewable-energy expertise and proprietary technology, will create a leading player in the renewable-energy service sector.”
Sgurr director Ian Irvine said: “This transaction brings together a strong set of complementary skills for our customers, covering the full project lifecycle, and presents exciting development opportunities for the business and our people.
“We aim to leverage Wood Group’s global footprint and, with its strength and backing, will be able to accelerate our plans for expansion of our services and products.”
SgurrEnergy specialises in worldwide renewables projects from the early stages to operation and maintenance.
Wood Group Kenny employs 1,600-plus people across 14 global locations.