John Wood Group PLC (‘Wood Group’) has entered into an agreement to acquire PSN Limited (‘PSN’) for a total enterprise value of USD 955 million. PSN will merge with Wood Group’s Production Facilities business to create brownfield production services provider, Wood Group PSN. PSN is an international energy services company employing over 8,000 people worldwide and operating in 23 countries. PSN’s Chief Executive Officer, Bob Keiller, will become CEO of the
combined production services business and the deputy CEO will be Les Thomas, currently CEO of Wood Group Production Facilities. On completion, Bob will join the Wood Group Board alongside Les Thomas. The creation of Wood Group PSN is to facilitate brownfield production services and expand to new locations across the oil & gas industry. The acquisition creates a combined global workforce of over 22,000 people and is subject to relevant anti-trust approvals. Completion is expected in the second quarter of 2011.
