Wood Group secures $250m contract extension in Brunei

(Sharecast News) - Wood Group said on Monday that it has secured a $250m contract extension from Brunei Shell Petroleum, Brunei's largest energy producer. The two-year extension will focus on the continued rejuvenation of BSP's offshore energy asset portfolio to maximise production capacity and efficiency, it said.

The scope of the contract includes brownfield engineering, procurement, construction and commissioning services as well as the management of its offshore marine fleet. Wood Group said the work it's undertaking will maximise the production capacity of the assets while minimising related emissions.

Chief executive Ken Gilmartin said: "Wood is pleased to continue supporting BSP's offshore assets in the next phase of its rejuvenation project to upgrade core assets, which account for around 80% of BSP's production, making this work critically important to the company.

"This extension shows progress on our strategy; which focuses on reimbursable projects and complex work in critical industries; that we laid out last year and demonstrates the strength of our relationship with an important client in a key region.

"It is also testament to our track record of performance excellence, safe operations and innovative technical expertise. The award also highlights our continued focus on ensuring energy security across the region whilst minimising the environmental impact of doing so."