Wood Group secures multi-million dollar Saudi Aramco contract

10th Jan 2017 14:26

(ShareCast News) - Wood Group has secured a five-year multi-million dollar framework agreement with Saudi Aramco to continue providing engineering and project management services to its onshore capital programmes in the Kingdom of Saudi Arabia.The contract, which is effective immediately, also includes three one-year extension options and will be delivered locally in Saudi Arabia. First awarded in 2010, the General Engineering Service Plus contract extension will be supported by Wood Group's office in Al Khobar.Dave Steward, chief executive officer for Wood Group's Asset Life Cycle Solutions business in the Eastern Hemisphere, said: "This contract renewal demonstrates Wood Group's proven technical and engineering capabilities in working with Saudi Aramco to deliver projects and modifications, automation and control, pipeline and industrial engineering over the last five years."Wood Group sees significant growth opportunities in the Saudi Arabian market which is reflected in our continued investment in our people in the region; establishing a dedicated training facility and employing 750 people to support our business."In 2015, Wood Group was awarded an offshore maintain potential programme contract with Saudi Aramco for greenfield and brownfield engineering services, procurement, and construction management support for new facilities in the Arabian Gulf.At 1455 GMT, the shares were down 2.1% to 875.50p.