Wood Group secures three engineering, project delivery agreements with BP

(Sharecast News) - Wood Group said on Thursday that it has secured three "major" agreements with BP to provide engineering and project delivery services for their capital projects worldwide. The contracts cover a new master services agreement (MSA) for engineering, procurement and construction management (EPCm) services as well as two extensions to existing long-term frameworks for the provision of conceptual engineering and Pre-FEED/FEED (front end engineering and design).

Wood said the new EPCm agreement will run for an initial three-year term with the potential for extensions of four years. The conceptual engineering and pre-FEED/FEED frameworks have been extended for an additional three years each.

Under the agreements - which cover all of BP's business units - Wood will provide support for offshore and onshore assets within the upstream, midstream and downstream energy markets.

Wood Group said the deals "build on a decades-long successful partnership between" the two companies and is in addition to a multi-region asset management agreement signed in September 2022.

Chief executive Ken Gilmartin said: "We are delighted to enhance our partnership with BP, which continues to go from strength-to-strength.

"As a company we thrive in supporting our clients to deliver some of the most complex and challenging projects in the energy and materials markets and we look forward to working with bp to support the full lifecycle of capital projects worldwide."

No financial details were disclosed.