Scotland business

Wood group acquires Canadian firm Sunstone Projects

Oil worker Image copyright oil yard
Image caption Wood Group said Sunstone would be an important part of its strategy for growth

Aberdeen-based oil services firm Wood Group has moved deeper into the Canadian market by buying pipeline consulting company Sunstone Projects in a deal worth £7.8m.

Sunstone offers engineering, procurement and construction management services to the Canadian oil and gas industry.

It generated sales of about £11.4m last year and employs 70 people.

Alberta-based Sunstone will be rebranded as Wood Group Mustang.

It will continue to be led by its existing management team.

Pipeline business

Wood Group Mustang president Steve Knowles said: "The Canadian pipeline system is expected to expand to ensure access to markets for oil and gas produced in Western Canada.

"The acquisition of Sunstone will strengthen our ability to provide our clients with services in this area.

"Sunstone's capability and geographic presence are complementary to Wood Group Mustang's existing pipeline business.

"Sunstone has an excellent reputation for pipeline project execution and will be an important part of our Canadian growth strategy."

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