Wood Group Acquires Baker Energy
A subsidiary of John Wood Group PLC ('Wood Group') has acquired the energy services business (Baker Energy) of Michael Baker Corporation. The consideration was US$37.9m, settled in cash at completion.
Baker Energy provides a broad range of operations and maintenance services to a large number of oil and gas operators, both onshore and offshore. The company has a strong presence in the US, including a market leading position in deepwater activity, and operates in various countries in Africa and Asia Pacific. Baker Energy had revenues in the year ended 31 December, 2008 of US$243.5 million and currently employs around 2,400 people. Baker Energy will operate within Wood Group's Engineering & Production Facilities division.
"The acquisition of Baker Energy is part of our ongoing strategy to expand and enhance our operations support capability," said Les Thomas, Group Director responsible for Wood Group's Production Facilities activities. "It will establish Wood Group as the market leader in the provision of operations and maintenance services in the US Gulf of Mexico market, and enhance our ability to support clients' deepwater activity, one of the most exciting growth markets in our industry. Internationally it represents an excellent strategic fit with our existing operations support capabilities and extends our international footprint."
Baker Energy works with oil and gas companies worldwide to provide total asset management solutions. By integrating its diverse operating and management skills, Baker Energy has evolved into a single source supplier of comprehensive energy services, including operations assurance and maintenance management solutions, competency-based personnel recruiting and training, operations and maintenance manpower, and supply chain and logistics management.
Michael Baker Corporation (Baker) provides engineering for its clients' most complex challenges worldwide. The firm's primary business areas are aviation, defense, environmental, facilities, geospatial, homeland security, municipal & civil, pipelines & utilities, transportation and water. With more than 4,500 employees in over 50 offices across the United Sates, Baker is focused on creating value by delivering innovative and sustainable solutions for infrastructure and the environment.
Published 01/10/09
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