Wood Group acquires Mitchell's Oil Field Services
HOUSTON -- Wood Group has agreed to acquire Mitchell's Oil Field Services, Inc., a provider of maintenance, installation and fabrication services in the oil-rich Bakken shale region for an initial consideration of $135 million.
Further earn out payments due in the period to 2015 based on Mitchell's future performance may be payable. The acquisition is expected to be earnings enhancing from completion.
The transaction is subject to anti-trust approval in the US, with completion expected in the fourth quarter of 2012.
Mitchell's will operate within Wood Group PSN, and will complement the division's existing operations & maintenance, construction supervision and survey services in the region. Mitchell's will continue to be led by the existing management team.