Wood (LON: WG) has announced that it has secured contracts with Beach Energy and Mitsui E&P Australia (MEPAU) to reduce emissions down under.
By delivering strategic solutions the Aberdeen-headquartered firm looks to reduce emissions intensity in line with Australia’s National Greenhouse and Energy Reporting Act.
Carrying out work across Australia and New Zealand, Wood will be providing maintenance, operations and brownfield engineering by optimising energy use and electrification.
The firm will be carrying out this work on Beach Energy’s facilities across Australia and New Zealand and MEPAU’s Waitsia Gas Project in Western Australia.
The result of this work will see a clear portfolio of projects to achieve key emissions reduction targets over the next seven years.
Azad Hessamodini, Executive President of Consulting at Wood, said: “We are proud to play a leading role in critical decarbonisation projects for the energy industry.
“Projects like these are essential in ensuring energy security, providing power to Australian communities while at the same time minimising emissions and enabling energy transition in the Asia Pacific region.
“Wood has extensive experience providing digital and decarbonisation solutions for oil and natural gas facilities.
“Our track record and deep domain expertise enables us to provide accurate emissions baselines and data-driven reduction of carbon intensity, delivering maximum value and impact for our clients.”
Takeovers and forecasts
Recently, Wood announced revenue for the first half of 2023 is forecast to hit $2.9 billion, up around 15%, its order book now sits at $6bn, and the Aberdeen-headquartered firm’s headcount has grown by 5% this year.
Wood’s chief executive has told the energy services giant to prepare for “exciting times ahead” as it continues to deliver on plans and promises.
“We are turning the company around,” said Ken Gilmartin, adding that the London-listed group is “starting to build momentum”, after the publication of its latest trading update.
Earlier in the year, Wood looked to be bought over by Apollo Global Management, the US fund that made five takeover bids for the company this year.
Mr Gilmartin said the New York-headquartered group “loved” the approach, adding that it was “part of the attraction” in trying to strike a deal.
Multiple approaches from Apollo were met with multiple knock backs from Wood, with the latter claiming they undervalued the firm – the fund finally backed down in May.