Wood is considering another offer for the company, from the Middle Eastern Sidara. Such a sale would likely help Wood access new international markets, but the loss of a FTSE250 company based in Aberdeen will be lamented. Given the challenges of the North Sea, is such a move inevitable?
Engineering firm Wood has been awarded a "major" multi-million dollar contract to deliver topside modifications for a BP subsea tieback in the UK North Sea.
By Azad Hessamodini, Executive President of Consulting at Wood
As Dr Sultan Al Jaber, COP28 President, reiterated in his concluding remarks, “an agreement is only as good as its implementation. We are what we do, not what we say”.
As domestic energy security hits the headlines again following the recent licensing announcement from the UK Government, Ellis Renforth, President of Operations for Europe, Middle East & Africa at Wood, explains the need for a more balanced outlook.
The partnership will involve employment for “hundreds of people” at Wood’s business in Aberdeen and offshore. The company said it expected to hire more people in 2024 for the work.
Chief executive of Wood (LON:WG), Ken Gilmartin, says that his firm's growth in carbon capture comes from picking work that allows its “subject matter experts shine.”
Aberdeen-based engineering firm, Wood (LON:WG), is working with National Gas to “transform” the entire grid network in the UK with “modern, cyber-secure technology.”
The UK offshore services sector (OFS) has had a rough time over recent years, given the COVID-19 pandemic, declining oil and gas activity, political uncertainty and limits on the pace of the energy transition.