Wood Renews Offshore Canada Platform Partnership

  • Jun 11, 2021
  • Rigzone

The global consulting and engineering firm Wood (LON: WG) reported Thursday that it has won a contract renewal to provide engineering, procurement, and construction (EPC) and maintenance services for the Hibernia platform, located offshore Newfoundland and Labrador.

Securing the five-year extension from Hibernia Management and Development Co. Ltd. (HMDC) will enable Wood to continue employing up to 300 people on the contract, Wood noted in a written statement emailed to Rigzone. Wood added that it has served as the incumbent contractor for EPC and maintenance services since Hibernia achieved first oil 24 years ago.

“This renewal demonstrates the strength of our relationship with HMDC and ongoing support of the Hibernia offshore platform developed over the last two decades,” commented Paul Leonard, president of Wood’s Americas operations business. “We are proud of the work delivered to-date by our local teams, who will continue to contribute to the project’s successful operations.”

HMDC shareholders include ExxonMobil Canada (NYSE: XOM) (33.125%), Chevron Canada Resources (NYSE: CVX) (26.875%), Suncor (NYSE: SU) (20%), Canada Hibernia Holding Corp. (8.5%), Murphy Oil (NYSE: MUR) (6.5%), and Equinor Canada Ltd. (NYSE: EQNR) (5%), according to the HMDC website.

“This contract highlights Wood’s proven performance and deep domain expertise in the offshore oil and gas market in Eastern Canada, drawing on our extensive global track record in the efficient maintenance of offshore installations and in safeguarding energy security,” concluded Leonard.