Wood makes $163m Agility buy

Agility buy: Acquired company will join Steve Knowles-led Woog Group Mustang

Wood Group is increasing its presence in the Norwegian offshore market with the purchase of a unit of local player Agility Group.

Agility Projects, based in Sandefjord near Oslo, will join Wood Group Mustang's offshore division for around Nkr 1.01 billion ($163.3 million).

Agility is owned by Norwegian energy-focused private equity player HitecVision.

The acquired company is involved in engineering, procurement, construction management, installation and commissioning work on the Norwegian continental shelf.

The current Agility management team will be retained, and the company will continue to be lead by current Agility Group chief executive Otto Soberg.

Agility Projects employs about 650 staff and has offices in Oslo, Stavanger, Bergen and Moss, as well as an engineering office in Shanghai.

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