Wood Wins North Sea Services Deal

Aberdeen-based Wood has secured a contract extension for engineering, construction and maintenance services at North Sea fields operated by the UAE’s Taqa.

The 18-month extension comes into force immediately, and covers continued services at Taqa’s Cormorant Alpha, Eider, Tern, North Cormorant and Harding offshore assets, Wood said on September 3.  A spokesperson for Wood told NGW the contract's value was "significant", without elaborating.

“We are delighted to continue our long-standing relationship with Taqa having first partnered with them to support these North Sea assets a decade ago,” Dave Stewart, the CEO of Wood’s Asset Solution business, said in a statement.

Wood returned to profit in the first half of this year, booking a net income of $13mn versus a net loss of $52mn a year earlier. The company benefited from a lack of amortisation charges, which more than offset the impact of weaker revenues. It has announced plans to offload its nuclear business to lift performance further.