Scottish energy rivals Wood Group and PSN to merge in $955-million deal
14 Dec 2010
Wood Group, an international energy business based in Aberdeen is to buy its Scottish rival PSN for £600 million ($955 million).
If the deal is approved, the merger would create a company with revenues of around £2 billion annually.
PSN, a privately-held company based in Aberdeen, is an international energy services firm, which has grown rapidly after being bought out of Halliburton by PSN management with the backing from Bank of Scotland, for $280 million in 2006.
Employing over 8,000 people worldwide and operating in 23 countries, PSN's primary business is to provide long-term brown-field support for customers who operate existing oil and gas facilities in platforms, pipelines and terminals.
Its services include engineering, hook-up and commissioning, project management, operations, maintenance and construction.
In the year to 31 December 2010, PSN is expected to generate approximately $100 million of EBITDA on revenues of approximately $1.2 billion.
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