A subsidiary of John Wood Group PLC has acquired Houston-based Producers Assistance Corporation, a leading provider of technical operations and maintenance support services to the U.S. onshore oil and gas industry.
PAC had revenues of around $33 million for the year ending December 2007, and gross assets of $6.6m as at December 31, 2007. PAC's workforce of more than 300 people services facilities in a number of U.S. states, including Texas, Louisiana and New Mexico. The existing management team, including its co-founders, President Mitch Fralick and Executive Vice President John Knapp, will continue to lead the business. PAC will operate together with Wood Group Production Services, which is a leader in operations and maintenance services for offshore Gulf of Mexico facilities.
"The acquisition of PAC provides Wood Group with a wider presence in the onshore U.S. production market," said Les Thomas, Group Director and Chief Executive of Wood Group's Production Facilities activities. "PAC's strong management team, proven track record of long-term customer relationships, and an outstanding focus on HSE, personnel development and competence management are an excellent complement to Wood Group's existing business."
"We are very excited about becoming a part of the Wood Group family. It was apparent early on that our companies have the same core values of building and nurturing relationships with employees and clients," said Mitch Fralick. "Wood Group has the resources, infrastructure and diversified services to enable PAC to expand its package of operations and maintenance support services to the industry. We believe becoming part of Wood Group will accelerate the implementation of our strategic growth plan."
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