Mustang Invests in Saudi Arabian Engineering Business
Mustang International, LP, part of international energy services company John Wood Group PLC ("Wood Group"), has agreed to acquire a majority interest in Al-Hejailan Consultants' business through a newly established joint venture, Mustang Al-Hejailan Engineering. Al-Hejailan Consultants, which is injecting its gross assets of approximately $11m at June 30, 2009, will retain the remaining interest. Upon completion later this year, Mustang Al-Hejailan Engineering will provide engineering and project management services to Saudi Arabia's oil & gas and chemical industries.
"The formation of Mustang Al-Hejailan Engineering gives us the opportunity to create a world-class international engineering capability in Saudi Arabia by adding highly experienced project management and engineering resources from Mustang to Al-Hejailan Consultants' existing capability and excellent project delivery," said Steve Knowles, president of Mustang. "We look forward to this strategic combination of staff and capabilities, which will enable us to deliver a sustainable project management, engineering, procurement, and construction management (EPCM) business in Saudi Arabia, home to the largest oil reserves in the world."
Mustang is one of the world's leading oil & gas engineering companies, providing project management, conceptual and detailed engineering, and construction management services. Mustang brings a track record of successful worldwide delivery of large, complex offshore and onshore oil & gas, refining, and petrochemical projects. The formation of Mustang Al-Hejailan Engineering further expands Mustang's presence in the Middle East region, following the establishment of an office in Abu Dhabi earlier this year.
Al-Hejailan Consultants, based in Al-Khobar, provides engineering and project management consultancy services to a wide range of markets, including oil & gas, petrochemical, infrastructure, and power within Saudi Arabia. The company employs a multi-disciplinary staff of 150 personnel, including engineers, project managers, designers, schedulers and other engineering support, and is a general engineering services (GES) contractor to Saudi Aramco.
Faisal Al-Hejailan, president of Al-Hejailan Consultants, sees this new company as "an important opportunity to enhance our services in the Kingdom of Saudi Arabia through our association with Mustang and it is consistent with Aramco's recently announced strategic plan for local GES contractors to partner with international companies. Our partnering with Mustang will also bring to Saudi Arabia a considerable engineering capability in the field of chemicals and petrochemicals to address future plans of Sabic and the Royal Commission in Jubail and Yanbu."
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