Mustang Al-Hejailan Engineering Acquisitions
30 March 2011
Mustang Al-Hejailan Engineering finalises agreement
to combine with Dar E&C and PI-Consult
Mustang Al-Hejailan Engineering, a Wood Group company, has finalised agreements
to combine with two well-respected Saudi Arabian-owned engineering businesses,
Dar E&C ("Dar") and PI-Consult ("PI"), to create Mustang Al-Hejailan Dar PI
("MHDP"). The combined entity of around 500 people will be a leading in-Kingdom
engineering & project management services provider, and will quickly execute
work under the general engineering services contract (GES+), awarded by Saudi
Aramco on 3rd March 2011.
Mustang will be the majority shareholder of MHDP, with Dar as the second
largest shareholder in the company. Dar and PI, both longstanding providers of
engineering services to Saudi Aramco, held gross assets of US$6.27m and
US$8.41m respectively as at December 2010.
Prince Turki A. Abdulrahman, CEO of Dar Group, said, "Following these
transactions, Mustang Al Hejailan Dar PI is uniquely placed to benefit from
Saudi Aramco's significant investment plans for both onshore and offshore
developments over the coming years, as we continue to grow and develop our
in-Kingdom engineering and project management capability."
Hamad Mohammad Al-Id, CEO of PI said, "The award of the GES+ contract to MHDP
presents tremendous opportunities for the continued development of our people."
Mike Straughen, Wood Group board director responsible for engineering said, "We
look forward to the exciting opportunities presented by Saudi Aramco's
prestigious GES+ contract award. In the longer term, we fully expect to see
growth for MHDP through the development of further customer relationships in
Saudi Arabia, particularly in the areas of downstream and infrastructure."
-Ends -
Notes to editors:
Mustang Al-Hejailan Engineering, 51 per cent owned by Mustang, is located in Al
Khobar and is a fully registered company in the Kingdom of Saudi Arabia.
Mustang is a global engineering, project management, procurement, and
construction operations company serving the upstream oil and gas, refining and
chemicals, pipeline, automation and control, and industrial markets. Mustang, a
Wood Group company, has offices in the United States, United Kingdom, India,
Malaysia, West Africa and the Middle East. For more information, visit
www.mustangeng.com.
Wood Group is an international energy services company with approximately
$5.1bn sales, employing approximately 29,000 people worldwide and operating in
50 countries. The Group has three businesses - Engineering & Production
Facilities, Well Support, and Gas Turbine Services - providing a range of
engineering, production support, maintenance management and industrial gas
turbine overhaul and repair services to the oil & gas, and power generation
industries worldwide.
Dar Al Riyadh Engineering & Construction (Dar E&C) is a division of Dar Al
Riyadh Consultants and provides Saudi Arabian oil & gas clients with
professional and technical engineering services from concept to commissioning.
Employing 160 personnel, DAR E&C's extensive experience encompasses engineering
and design of grass root facilities and plant modification and expansion.
Petro-Infrastructure Engineering Consultants (PI-Consult) was formed in 1988 by
Saudi Engineers and has considerable experience in petroleum infrastructure
project development. Employing 170 personnel, PI Consult provides a full range
of engineering services.
For further information contact:
Carolyn Smith, Corporate Communications - Eastern Hemisphere
Tel: +44 (0) 1224 851099, email: carolyn.smith@woodgroup.com
Dena Lee, Manager, Marketing communications, Mustang
Tel: +1 713 215 8315, email: dena.lee@mustangeng.com
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