Wood Group has landed a three-year contract to provide specialized technical services to Petroleum Development Oman (PDO), the country’s leading oil and gas producer, even as discussions around a potential acquisition continue.
Industry watchers may interpret this latest contract as a strong vote of confidence in Wood’s core capabilities, despite recent challenges that have affected its market performance. The company’s share price has taken a hit following the discovery of accounting irregularities during an independent review by Deloitte.
Dubai-based Sidara now has until April 17 to decide whether it will move forward with a formal bid to acquire the Aberdeen-headquartered engineering giant.
As part of the new agreement, Wood will deploy a team of 65 engineering and project management experts to support PDO on a range of advanced energy transition and carbon capture initiatives. A majority of this team will be made up of Omani professionals, underscoring Wood’s ongoing commitment to nurturing local talent and contributing to in-country value.
This dedicated team will also be backed by Wood’s global network of technical specialists, providing comprehensive support across the entire oil production value chain — from feasibility studies to front-end engineering design (FEED) and pre-FEED stages.
Gerry Traynor, President of Eastern Hemisphere Projects at Wood, commented:
“Our partnership with Petroleum Development Oman highlights our focus on delivering quality, reliable support for clients managing high-impact projects. We’re proud to continue contributing to PDO’s ambitious goals.”
This contract comes during a period of strong momentum for Wood in the Middle East. So far in 2024, the company has secured approximately $920 million in new project awards across the region.