Wood Group acquires Pyeroy Group Limited
Wood Group announces the acquisition of Pyeroy Group Limited ("Pyeroy"), a provider of specialist coatings, access and fabric maintenance services to the oil & gas, marine and rail industries. Headquartered in Gateshead, UK, Pyeroy was founded in 1973 and employs approximately 1,800 personnel at eight locations throughout the UK and Ireland.
Pyeroy generated revenue and EBITA of £88.9m and £4.6m for the year ended 31 December 2012. Pyeroy will continue to be led by Hugh Pelham, managing director, and will operate within the Wood Group PSN division.
Pyeroy has an excellent track record of growth and delivery of key note projects. Their complementary range of services extends Wood Group PSN's existing range of offshore brownfield engineering & construction, operations & maintenance and decommissioning services.
Robin Watson, CEO of Wood Group PSN said: "Pyeroy has an excellent track record of supporting the operational needs of major oil & gas, marine, and rail customers and has a high quality, highly trained workforce. The acquisition of Pyeroy marks a strategic move into specialist coatings, access services and fabric maintenance which broadens our service offering to oil & gas customers.
These services are particularly relevant for extending the life of existing infrastructure, and for decommissioning projects. As an example Pyeroy's expertise on the Forth Rail Bridge refurbishment can be transferred into the oil & gas sector."
"The fit is ideal, strategically," said Hugh Pelham. "We have room for growth in the oil & gas sector and we also have the skills and experience to complement Wood Group PSN's oil & gas capability. We believe that joining Wood Group will enable us to offer a broader service offering to our customers. We will be joining a Group that shares our commitment to safety and provides the highest quality service to our customers."