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Wood Group pays £7.9m for Canadian pipeline firm

Wood Group  pays £7.9m for Canadian pipeline firm

Aberdeen-based Wood Group has expanded its interests across the Atlantic after snapping up Canadian business Sunstone Projects for £7.9million.

The energy services company said yesterday it would integrate Sunstone into the Canadian operations of US-based subsidiary Wood Group Mustang (WGM).

Sunstone, based in Calgary, Alberta, is a pipeline consulting company providing engineering, procurement and construction management services to clients in the Canadian oil and gas industry.

It generated sales of about £11.5million last year and employs about 70 people.

The business will continue to be led by its existing management team – under company president Barry Bauhuis – following the acquisition.

Mr Bauhuis said: “We are extremely excited to be joining Wood Group.

“As a part of a larger, integrated engineering group, we will continue to provide the same great service to existing clients while being able to pursue larger and more complex pipeline opportunities.”

WGM president Steve Knowles said: “The Canadian pipeline system is expected to expand to ensure access to markets for oil and gas produced in western Canada.

“The acquisition of Sunstone will strengthen our ability to provide our clients with services in this area.”

Mr Knowles added: “Sunstone’s capability and geographic presence are complementary to Wood Group Mustang’s existing pipeline business.

“Sunstone has an excellent reputation for pipeline project execution and will be an important part of our Canadian growth strategy.”

Wood Group employs about 46,000 people globally and operates in 50 countries.

The company has more than 25 subsidiaries across three operating divisions – Wood Group Engineering, Wood Group PSN and Wood Group GTS – generating annual sales of about £4.2billion.