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Wood Group seeks bolt-on acquisitions

Wood Group reveals it is looking for bolt-on acquisitions.

13 May 2010

Wood Group, the Scotland-based energy services specialist, has revealed it is looking for bolt-on acquisitions.

Its announcement comes after figures revealed that the business's financial performance remained in line with expectations, according to the Scotsman.

The company has annual revenues of approximately £3.3 billion thanks to the continued demand for activities supporting oil and gas production.

Sir Ian Wood, the group's chairman, said that the company was now looking to move forward from its current, successful position and open up opportunities in other areas across the world.

Speaking at the business's annual general meeting, he said: "We continue to pursue a number of bolt-on acquisition opportunities to expand our geographic footprint in key growth markets," reports the news provider.

Locations that the company is paying particularly close attention to include Africa, Asia-Pacific and the Middle-East.

Testament to this is Wood Group's recent acquisition of the controlling interest in the engineering firm Al-Hejailan Consulting, a company based in Saudi Arabia.

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