Wood Group agrees to buy PSN for $955m (Page 22)
John Wood Group, the energy services company, will become the world’s leading brownfield production services provider after agreeing to purchase smaller rival PSN for $955m. The combined brownfields services businesses – which support mature oilfields and gasfields – will bring in about $3bn in annual revenues, according to both companies.
GE’s £800m Wellstream move reflects expansion into energy services (Page 18)
GE has agreed to buy Wellstream, the UK oil and gas services group, for about £800m as part of an aggressive expansion into energy services.