Contractors Unlimited

Wood Group Completes Asia Pacific Production Facilities Acquisition

Wood Group A subsidiary of John Wood Group PLC ("Wood Group) has acquired Proteus Global Solutions Pty Limited ("Proteus"), an independent Perth based provider of commissioning, operations support and engineering services. Proteus provides its services across the Asia Pacific region to a range of sectors, including oil & gas.

Proteus, which employs around 500 staff, generated revenues of US$54.6m during the year ended 31 December 2008 and held gross assets of US$14.7m as at that date.

The existing management team headed by Greg Forbes, Chief Executive Officer, will continue to lead the business, across its West Coast, East Coast and Northern Territories Australian profile which will operate within Wood Group's Engineering & Production Facilities division.

"The acquisition of Proteus represents a strategic move for Wood Group in the Asia Pacific region and, in particular, will provide us with an enhanced operations and execution capability in Perth, a key services hub in the region", said Bob Beavis, Regional Production Facilities Director. "Proteus' strong management team and extensive client relationships are an excellent complement to our existing Asia Pacific business."

"We are delighted to be joining Wood Group,. said Greg Forbes, Chief Executive & Managing Director of Proteus. "The ability to access Wood Group.s international infrastructure, client base, resources and diversified services which will provide Proteus with significant potential to accelerate our growth in the Asia Pacific region."

Posted 05/05/09

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