Aberdeen energy service company Wood Group is building up its presence in Australia.
It is to purchase 51% of Regional and Northern Maintenance Service (RANms), a Darwin-based provider of operation support services to the oil and gas industry.
RANms employs about 80 people and had gross assets of £2million at the end of last year, however, the value of the deal has not been disclosed.
Wood Group holds the option to acquire the remaining 49% of RANms over five years. Last year, Wood Group and RANms formed a joint venture to provide operation and maintenance services for oil and gas-industry clients in the Asia-Pacific region.
Wood Group said the venture had achieved its initial objectives.
Bob Beavis, Asia-Pacific regional director for production facilities at Wood Group, said: “The acquisition of RANms represents further expansion of Wood Group’s footprint in Australia and complements the capabilities of our recently acquired subsidiary Proteus Global Solutions.
“Darwin is currently being established as a centre of significance in the Asia-Pacific region, particularly given its close proximity to key gas developments offshore Australia and East Timor.
“Through the acquisition of RANms by Wood Group, we aim to expand its breadth of services to both national and international customers from its Darwin base.”
Paul Mahoney, chief executive of RANms, added: “The relationship we have established with Wood Group through the joint venture has provided expertise and capability necessary to enhance our profile and provide a foundation for growth.
“We are confident that this next step to deepen our relationship will assist in our continuing development.”