MSi had revenues of $5.24 million for the year ended December 31, 2003, and net asset value at completion was $1.75 million. President, Chief Executive Officer and co-founder Michael Mai will continue to lead the company, which employs approximately 40 personnel and will operate within Wood Group's Engineering and Production Facilities Division.
"MSi has world-class expertise in flow assurance, which is a top technology enabler particularly in the growth area of subsea production, as well as modular software for plant optimisation and training simulation," stated Trevor Noble, chief executive of Wood Group's Engineering activities. "MSi represents an excellent strategic fit with Wood Group's engineering activities in upstream developments, pipeline design and materials integrity. There are also clear synergies with our Production Facilities group in the modelling of process plant operational efficiency."
"We're very excited to be joining Wood Group," stated Michael Mai. "The ability to leverage the Group's infrastructure and access to additional international markets provides MSi with significant potential for growth."
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