Wood Group Set for Acquisitions

Sir Ian Wood, Chairman and Chief Executive, Wood Group has commented that his business has plenty of cash at its disposal for possible acquisitions. He was speaking after the company declared profits for last year had increased by 27%.

Sir Ian Wood, Chairman and Chief Executive, Wood Group, said:

"We see a continuing strong oil & gas services market and a somewhat improved power market for our services. This, along with the ongoing extension of our range of services and geographical reach, will stand us in good stead and, overall, we believe we are positioned for strong growth into 2006."

Sir Ian said that the company traditionally spent £40million to £51million a year on acquisitions. He also said he may be in a position to announce the first deal of this year in the next couple of weeks.

Wood Group's largest acquisition was Mustang Engineering of Houston for about £75million in 2000.

Areas for growth being considered by The Wood Group include north and west Africa, the Middle East, the former Soviet Union, India and Asia-Pacific. Sir Ian said he would not look at Iraq until it became more secure. The North Sea continues to be the backbone of the business, but said there was not much room for expansion in the area.

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Posted 09/03/06

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