London-listed Enegi, ABT Oil & Gas (ABTOG) and Wood Group have signed a memorandum of understanding to transfer interest in ABTOG’s engineering subsidiary.
Wood Group will take a 50% interest in Marginal Field Development, which will now be renamed and developed further in the upstream industry.
The engineering unit will be the sole provider of engineering work for ABTOG projects.
Wood Group will contribute to the contractor’s working capital and will provide engineering services of up to £5 million ($8 million) to complete projects.
“WGPSN, which is the largest provider of brownfield services to the energy, oil and gas industry, is the ideal investor,” Enegi company said.
“This enables the Marginal Field Development to provide services throughout the entire asset lifecycle, from project management, concept, appraisal and FEED studies to detailed design, construction, installation and commissioning, dutyholder, operations & maintenance and, eventually, redeployment and decommissioning.”