Wood Group Secures Two Long-Term Contracts

Wood Group has been awarded two $50 million long-term contracts, one in Well Support and one in Gas Turbine Services.

In Well Support, Wood Group ESP has been awarded a five-year, $50 million pay-for-performance contract to supply electric submersible pumping systems and services to Repsol YPF in Argentina.

Terms of the contract include the maintenance and repair of more than 265 pumps currently owned by Repsol YPF, and the installation, maintenance and repair of approximately 430 new units from Wood Group ESP. The pumps will be located in Mendoza, Chubut and Santa Cruz provinces.

'Repsol YPF is one of the largest users of electric submersible pumps in Argentina, and has been a valued client since 1998,' explained Joe Brady, chairman, president and chief executive officer of Wood Group ESP. 'We're delighted to receive this award, which demonstrates Repsol YPF's confidence in our ability to deliver longer running pumps, reduced costs and improved field performance.'

Repsol YPF is Argentina's leading oil company and has proven reserves of 5.3 billion BOE, mostly in Latin America, the Middle East, and North Africa.

In Gas Turbine Services, TransCanada Turbines (TCT), a Calgary-based joint venture between Wood Group and TransCanada Pipelines, has also won a $50 million, eight-year Long Term Service Agreement with a leading US Power utility, for the maintenance of General Electric and Rolls-Royce gas turbines.