Wood Group acquires Pyeroy Group Limited
3 July, 2013
Wood Group acquires Pyeroy Group Limited
Wood Group announces the acquisition of Pyeroy Group Limited ("Pyeroy"), a
provider of specialist coatings, access and fabric maintenance services to the
oil & gas, marine and rail industries. Headquartered in Gateshead, UK, Pyeroy
was founded in 1973 and employs approximately 1,800 personnel at eight
locations throughout the UK and Ireland.
Pyeroy generated revenue and EBITA of £88.9m and £4.6m for the year ended 31
December 2012. Pyeroy will continue to be led by Hugh Pelham, managing
director, and will operate within the Wood Group PSN division.
Pyeroy has an excellent track record of growth and delivery of key note
projects. Their complementary range of services extends Wood Group PSN's
existing range of offshore brownfield engineering & construction, operations &
maintenance and decommissioning services.
Robin Watson, CEO of Wood Group PSN said: "Pyeroy has an excellent track record
of supporting the operational needs of major oil & gas, marine, and rail
customers and has a high quality, highly trained workforce. The acquisition of
Pyeroy marks a strategic move into specialist coatings, access services and
fabric maintenance which broadens our service offering to oil & gas customers.
These services are particularly relevant for extending the life of existing
infrastructure, and for decommissioning projects. As an example Pyeroy's
expertise on the Forth Rail Bridge refurbishment can be transferred into the
oil & gas sector."
"The fit is ideal, strategically," said Hugh Pelham. "We have room for growth
in the oil & gas sector and we also have the skills and experience to
complement Wood Group PSN's oil & gas capability. We believe that joining Wood
Group will enable us to offer a broader service offering to our customers. We
will be joining a Group that shares our commitment to safety and provides the
highest quality service to our customers."
- Ends -
Notes to editors:
Wood Group is an international energy services company with around $7bn sales,
employing around 43,000 people worldwide and operating in 50 countries. We have
three businesses - Wood Group Engineering, Wood Group PSN and Wood Group GTS -
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. www.woodgroup.com
Wood Group PSN is a global provider of pre-operations, hook up & commissioning,
operations & maintenance, engineering, construction, project management,
training and decommissioning services to the energy industry. Employing over
29,000 people in more than 40 countries, Wood Group PSN offers high integrity,
brownfield services that support customers to optimise performance, maintain
production, reduce operating costs and provide integrity assurance.
www.woodgroup-psn.com
Pyeroy is a privately owned, specialist coatings and access service contractor,
established in 1973 and currently employing more than 1,800 personnel in eight
locations in the UK and Ireland. Headquartered in Gateshead, an Aberdeen office
was established this year to support its renewables, offshore infrastructure
and oil & gas activities.
For further information contact:
Carolyn Smith, Corporate Communications - Eastern Hemisphere
Tel: +44 (0) 1224 851099, email: Carolyn.smith@woodgroup.com
For investor and analyst enquiries:
Nick Gilman, Head of Investor Relations & Corporate Communications, Wood Group
Tel: +44 (0) 1224 851404, email: nick.gilman@woodgroup.com
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