Oilfield engineer Wood Group announced Thursday that it has agreed to buy downstream services firm The Infinity Group (Infinity) for $150 million.
Headquartered in Clute, Texas, Infinity is an industrial construction and maintenance contractor that serves the petrochemical, refining and gas processing sectors. It operates at six additional sites along the Texas Gulf Coast. The firm provides a range of services, including mechanical construction, fabrication, project management, turnarounds, maintenance services, heavy civil works, site preparation and electrical and instrumentation services.
Wood Group said that Infinity will operate within the Wood Group PSN Americas business unit, creating a brownfield service offering to the downstream market to complement Wood Group's existing services to the refining, chemicals and LNG sectors.
Wood Group PSN CEO Dave Stewart commented in a company statement:
"The addition of The Infinity Group gives Wood Group PSN service line expansion, sector diversification, and entry into the US petrochemical and other downstream sectors, coupled with access to new clientele. Their 60-year history is a testament to the relationships they have built that we look forward to continuing and growing."
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