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.