A subsidiary of international energy services company John Wood Group PLC ("Wood Group") has acquired the energy services business (Baker Energy) of Michael Baker Corporation. The consideration was US $37.9 million, settled in cash at completion.
Baker Energy provides a broad range of operations and maintenance services to a large number of oil and gas operators, both onshore and offshore. The company has a strong presence in the US, including a market leading position in deepwater activity, and operates in various countries in Africa and Asia Pacific. Baker Energy had revenues in the year ended December 31, 2008 of US $243.5 million and currently employs around 2,400 people. Baker Energy will operate within Wood Group's Engineering & Production Facilities division.
"The acquisition of Baker Energy is part of our ongoing strategy to expand and enhance our operations support capability," said Les Thomas, Group Director responsible for Wood Group's Production Facilities activities. "It will establish Wood Group as the market leader in the provision of operations and maintenance services in the US Gulf of Mexico market, and enhance our ability to support clients' deepwater activity, one of the most exciting growth markets in our industry. Internationally it represents an excellent strategic fit with our existing operations support capabilities and extends our international footprint."
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