UK-based oil sector services firm Wood Group announced Tuesday that it has acquired pipeline consulting company Sunstone Projects of Calgary, Canada, for $13 million.
Sunstone employs 70 people and generated sales of approximately $19 million in 2013. The firm will be rebranded as Wood Group Mustang and operate within its Canadian operations. It will continue to be led by its existing management team under Sunstone President Barry Bauhuis.
Wood Group believes the acquisition will enhance its pipeline engineering capability in Canada.
Wood Group Mustang President Steve Knowles commented in a company statement:
"The Canadian pipeline system is expected to expand to ensure access to markets for oil & gas produced in Western Canada. The acquisition of Sunstone will strengthen our ability to provide our clients with services in this area. 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."
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