A subsidiary of international energy services company John Wood Group PLC ("Wood Group") has reached agreement to purchase 51% of Regional and Northern Maintenance Service ("RANms"), a Darwin-based provider of operations support services to the oil & gas industry. RANms held gross assets of A$4.1m at December 31, 2008. Wood Group will also hold options to acquire the remaining 49% of RANms over the next five years. The transaction is expected to close within the next seven days.
Last year Wood Group and RANms formed a joint venture to provide operations and maintenance services for oil & gas industry clients in Asia Pacific. This venture has achieved its initial objectives and has provided the base for the further development of the relationship.
Bob Beavis, Regional Director, Production Facilities, Asia Pacific for Wood Group, said, "The acquisition of RANms represents further expansion of Wood Group's footprint in Australia and complements the capabilities of our recently acquired subsidiary Proteus Global Solutions Pty Ltd. Darwin is currently being established as a centre of significance in the Asia Pacific region, particularly given its close proximity to key gas developments offshore Australia and East Timor. Through the acquisition of RANms by Wood Group, we aim to expand its breadth of services to both national and international customers from its Darwin base."
Paul Mahoney, CEO of RANms added, "The relationship we have established with Wood Group through the joint venture has provided expertise and capability necessary to enhance our profile and provide a foundation for growth. We are confident that this next step to deepen our relationship will assist in our continuing development."
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