Wood Group acquires Sunstone

Wood Group has acquired Sunstone Projects Ltd. (Sunstone) of Calgary, Alberta, Canada for CAN$ 14.5 million. Sunstone is a pipeline consulting company providing engineering, procurement and construction management (EPCM) services to clients in the Canadian oil and gas industry. Sunstone generated sales of approximately CAN$ 21 million in 2013 and employs approximately 70 people.

Sunstone will be rebranded as Wood Group Mustang and operate within its Canadian operations. Sunstone will continue to be led by the existing management team under Sunstone President Barry Bauhuis.

Steve Knowles, President of Wood Group Mustang, said: "The Canadian pipeline system is expected to expand to ensure access to markets for oil and gas produced in Western Canada. The acquisition of Sunstone will strengthen our ability to provide our clients with services in this area. Sunstone’s capability and geographic presence are complementary to Wood Group Mustang’s existing pipeline business. Sunstone has an excellent reputation for pipeline project execution and will be an important part of our Canadian growth strategy."

Barry Bauhuis, President of Sunstone, said: "We are extremely excited to be joining Wood Group. As a part of a larger integrated engineering group we will continue to provide the same great service to existing clients while being able to pursue larger and more complex pipeline opportunities."

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/01042014/wood_group_acquires_sunstone/