Energy and engineering services firm John Wood Group PLC(LON:WG) has secured a new multi-million dollar, five-year contract with Saudi Arabian oil company, Saudi Aramco.
The exact value of the contract has not been revealed, but it is part of Saudi Aramco’s multi-billion dollar Marjan Crude Increment Program, one of the company’s oil and gas mega-projects in the Kingdom of Saudi Arabia, designed to enhance its energy sustainability and diversify the economy.
The FTSE 250-listed firm said the front-end engineering design, major increment and overall project management consultancy will be executed from its offices in Reading in the UK, Khobar in Saudi Arabia, and in India.
Robin Watson, Wood’s chief executive, said: “We have been operating in the Middle East for around 75 years and continue to ambitiously pursue opportunities to leverage our global expertise and grow our presence in the region.”
Wood has worked with Saudi Aramco for more than 30 years. In November 2017, the two companies entered a memorandum of understanding demonstrating Wood’s continued commitment to creating and accelerating opportunities for local workforces in Saudi Arabia.
In late morning trading, Wood Group shares were 0.8% higher, or 5p higher at 610.4p.