Wood Group Acquires Assets of EESL's Aberdeen Business

Source: www.gulfoilandgas.com 6/17/2016, Location: Europe

Wood Group has acquired the trade and assets of Enterprise Engineering Service Limited’s (EESL) Aberdeen based fabrication and manufacturing business; following the announcement on 26th May, 2016 that EESL had appointed administrators.

The acquisition further enhances Wood Group’s asset integrity management capabilities, adding fabrication to its services, which focus on driving efficiencies and extending the life of upstream and midstream assets in the UK oil and gas sector.

The employees of EESL’s Aberdeen based fabrication business as at the date of the acquisition will transfer to Wood Group and will remain at their existing 4,000sq m fabrication facility located on Craigshaw Road, Aberdeen.

Dave Stewart, Wood Group PSN’s CEO said: “Wood Group’s relentless focus is on enhancing value and driving cost efficiencies in the technical solutions we provide to our clients. The acquisition of Enterprise Engineering Service Ltd.’s fabrication and manufacturing business broadens our repair order capabilities, enabling us to offer a fully integrated, end to end service that supports our clients in assuring the integrity of their assets.

“Our focus is on providing the expertise that enables the life extension of onshore and offshore assets, which is critical in this mature phase of the UKCS.

“We will leverage EESL’s more than 40 years of expertise providing manufacturing and fabrication solutions to the oil and gas sector, securing jobs for the company’s current Aberdeen fabrication workforce with a view to creating new employment opportunities as we deepen and broaden our fabrication capability in the future.”

Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in the UK said: "The Joint Administrators are delighted to conclude a sale of EESL’s manufacturing facility and key assets in Aberdeen to Wood Group, following a successful marketing exercise. We were confident that the excellent market reputation and facilities attached to EESL's manufacturing division would generate interest and we are extremely pleased to have secured a sale to a major quality company such as Wood Group.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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