Wood Scores $350MM Production Support Deal From BP

Wood Scores $350MM Production Support Deal From BP
BP has awarded a multi-region engineering services contract to Wood for the support of efficient and safe energy production.

Oil and gas major BP has awarded a multi-region engineering services contract to Wood for the support of efficient and safe energy production through the provision of asset repairs, modifications, and enhancements.

Wood said that the five-year reimbursable contract, valued at around $350 million, would be delivered via agile working methods to optimize cost and delivery performance, enabling operational efficiencies to be realized across BP’s offshore installations.

This agreement renews Wood’s existing contracts in the regions to support BP to produce energy safely, efficiently, and reliably, as the world contends with the dual challenges of energy security and transition.

“This opportunity is exciting for Wood because it has allowed us to think big, knowing that with BP’s own bold ambitions, we can help meet the world’s energy needs as efficiently as possible. Being able to truly leverage the breadth of experience and capability from right across our business will allow us to provide a solution that delivers transformational results.”

“We have an extensive track record with bp and, for the first time, this multi-region approach allows us to combine these contracts into one single delivery model that puts exceptional execution, innovation, and simplification at its heart,“ Craig Shanaghey, Executive President of Operations at Wood, said.

“I am delighted that we will have the opportunity to drive a step change in the performance of bp’s offshore portfolio. We have proven that when we work in partnership, we can deliver transformational outcomes that support bp’s ambition to drive higher efficiency and productivity across their assets,” Brian Chalmers, responsible for Wood’s global relationship with BP and the President of Strategy and Development for Operations, added.

This multi-region contract will be led by Wood’s Operations business unit with a centralized contract management team and local delivery teams, supported by Wood’s global execution center.

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