WOOD Group has secured a two-year industrial services contract from BAE Systems Submarines to provide insulation installation services to the UK Royal Navy’s Astute class submarines based in Barrow-in-Furness as it moves to become less reliant on its traditional oil and gas business.
Aberdeen-based Wood, which last month announced a $44 million (£34m) deal to buy US car industry specialist CEC Controls Company and strengthen its presence in the Detroit automotive hub, is currently contracted by BAE Systems to provide a range of industrial services including painting, cleaning and insulation to the Royal Navy’s existing surface ship fleet and its Queen Elizabeth class aircraft carriers under construction in Rosyth.
The new contract includes up to three one-year extension options. Dave Stewart, chief executive of Wood’s Asset Life Cycle Solutions, said: “Wood Group has supported the Royal Navy for 40 years in the provision of marine painting. This builds on our reputation for providing industrial services and protective insulation technologies to the marine sector and we look forward to continuing our strong collaborative relationship with BAE Systems, delivering engineered hull and pipe insulation to the Astute class – the Royal Navy’s largest and most powerful fleet of attack submarines.”
The company’s continuing diversification beyond its traditional oil and gas has seen it move into sectors including aerospace, logistics, water and pharmaceuticals. In February, Wood’s chief executive Robin Watson pointed to “challenging” conditions across the energy sector and said he did not expect activity levels in the North Sea to improve significantly in 2017.
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