John Wood Group PLC acquisition of Duval Lease Services and Freer Iron Works
Wood Group has acquired Duval, a provider of maintenance, installation and fabrication services in the Eagle Ford shale region of Texas.
Duval, which during the year to December 2011 generated sales of approximately $32m, will operate as Wood Group Duval within Wood Group PSN, and will complement the division's existing onshore US production facilities support services. Duval has approximately 300 personnel and will continue to be led by the existing management team. As at April 2012, Duval held gross assets of $14.0m
"The acquisition of Duval provides us with a robust platform for growth in the key Eagle Ford shale region and increases our overall exposure to the US onshore unconventional oil & gas markets," said Derek Blackwood, president-Americas of Wood Group PSN. "Duval's values are similar to Wood
Group's, with a strong focus on safety, customers and employees." Rene Casas, president of Wood Group Duval, said "We are pleased to be joining Wood Group. Duval has achieved strong growth over recent years, and we anticipate the strong shale market, momentum in our business and the support of Wood Group will enable continued growth."