Scotland business

Wood Group to acquire Norwegian firm Agility Projects

A Wood Group PSN production technician working on an offshore platform in the North Sea Image copyright Wood Group
Image caption Wood Group said the acquisition would strengthen its Norwegian offshore engineering capability

Oil services provider Wood Group has announced it is buying Norwegian engineering firm Agility Projects for about £96m.

The Aberdeen-based company said the deal would strengthen its Norwegian offshore engineering capability.

Agility Projects offers engineering, procurement, construction management, installation and commissioning services.

Based near Oslo, it is a subsidiary of Agility Group AS.

It focuses its activities on the Norwegian Continental Shelf (NCS) and employs 650 staff in various locations including Oslo, Stavanger and Bergen. It also runs an engineering office in Shanghai, China.

Agility Projects will operate within Wood Group Mustang's offshore business and will be headed up by the current Agility Group chief executive.

The transaction is subject to a number of conditions, including competition approval in Norway.

The deal is expected to be completed in the third quarter of this year.

Steve Knowles, chief executive of Wood Group Mustang, said: "Agility Projects' reputation is very well-established in Norway and represents a strategically important acquisition for Wood Group Mustang as it increases our exposure to the greenfield and brownfield engineering markets on the NCS."

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