By the OGJ Online Staff
HOUSTON, Oct. 11 -- John Wood Group PLC of the UK acquired US-based Production Services Group for an undisclosed sum, company officials said Thursday.
Former PSG companies Coastal Production Services, Production Systems Inc., ProSafe Inc., and RMC Technology Corp. will now trade as Wood Group Production Services, they said.
The acquisition is part of Wood Group's strategy to develop its operations and maintenance service business in the Gulf of Mexico.
"PSG has a long and successful track record of providing a broad range of operational, technical, and maintenance support services to platforms in the Gulf of Mexico and inland waters," said Bill Edgar, chairman and CEO of Wood Group Engineering & Production Facilities.
PSG Pres. David Pilgrim and his management team will continue with the new company.
PSG Group employs more than 420 people working offshore and at facilities in Rockport, Houston, and Freeport, Tex., and in Houma, Cameron, and Venice, La. With annual revenues of about $40 million, the PSG Group achieved a 70% average yearly growth rate and was twice elected to the INC 500 annual ranking of America's fastest growing private companies, officials said.
"Many of our clients already use Wood Group's wireline, wellhead, gas turbine and engineering services," said Louis Guenoit Jr., general manager in of the PSG facility in Houma. "The synergies between all our companies now provide our existing and future clients with the opportunity to access truly integrated service solutions," he said.
The Wood Group's earlier acquisitions this year include the Colombian company Procesos Y Disenos Energeticos SA; Lovegreen Turbine Services Inc. and H&L Accessory Inc. in the US; and Bexton Australian Pty. and Bexton Holdings Pty. Ltd. of Australia.
