Wood Group acquires Algerian company SOMIAS Spa
Posted: 05 June 2006
 Send this article
 Print this article
A subsidiary of international energy services company John Wood Group PLC (“Wood Group”) has acquired SOMIAS Spa, a maintenance and fabrication support provider serving the Algerian oil and gas and petrochemical industries. Wood Group will hold a 55% share and Groupe Asmidal, an Algerian Group and Somias’ current parent, will retain 45% ownership.
SOMIAS Spa had revenues of $11.8 million for the year ended 31 December 2005, and a gross asset value at that date of $8.9 million. SOMIAS Spa will retain its trade name and continue to be led by Zaghouane Khodja, general manager. The company employs approximately 450 personnel and will operate within Wood Group’s Engineering & Production Facilities division.
“The acquisition of SOMIAS Spa marks a strategic move into North Africa and follows the recent award of the In Amenas engineering and construction modifications contract from the In Amenas Partnership of BP, Statoil and Sonatrach”, said Les Thomas, Group Director responsible for Wood Group’s Production Facilities activities.
“SOMIAS Spa has an excellent track record of supporting the operational needs of major clients including BP, AGIP, Sonatrach, Sonalgaz and Fertial. It is our intent to augment and develop this local capability with world class engineering and maintenance expertise.”
“We are very excited to be joining Wood Group,” said Zaghouane Khodja. “Wood Group’s policy to use local skills and expertise has already resulted in the creation of more than 100 jobs following the award of the In Amenas contract.”
|
The full content of Pipeline Magazine – and more - is now available online.
You can access from anywhere. You can search the archives. Email an article to a colleague. Keep your own file of cuttings. more details
Pipeline Magazine is free to paying subscribers. Non-subscribers get a FREE TRIAL. Register here
Read the latest issue.
*Limited time only |
powered by  |
Posted by Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
