Wood Group Merger with Dar E&C and PI-Consult

Source: www.gulfoilandgas.com 3/30/2011, Location: Middle East

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.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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