HOUSTON, December 16, 2011 —Mustang, a Wood Group company, has acquired a majority stake in ISI Solutions for an initial consideration of US$5.2 million. ISI Solutions is a Latin American provider of automation and control engineering and consulting services to the oil & gas, power and pipeline industries in Latin America. The gross assets of ISI were $8.5m as at 31 December 2010.
ISI, which will be rebranded ISI Mustang, has approximately 240 employees in six countries: Argentina, Bolivia, Chile, Colombia, Mexico and Peru. ISI Mustang will operate within Mustang’s Automation and Control business and will continue to be led by Pedro Santamaria and its existing management team.
The acquisition is a key strategic move for Mustang into the Latin American automation and control market. With a core competency of providing automation services to the pipeline sector, ISI complements MAC’s business, which focuses on refining, petrochemical and oil & gas production facilities.
“This is a strategic move to increase our automation and control capabilities in Latin America,” said Steve Knowles, president of Mustang. “ISI’s strong management team and proven track record provides Mustang with a robust platform for growth across South America and in Mexico.”
“ISI sought a strategic partner to pursue the larger and more complex automation opportunities available in Latin America,” said Pedro Santamaria, ISI Mustang chief executive. “We are pleased to have found a parent with a strong global network, similar values and a shared focus on customers, employees and the community.”
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Notes to Editors
Mustang is a global project management, engineering, procurement, and construction operations company serving the upstream oil and gas, refining and chemicals, pipeline, automation and control, and industrial markets. Wood Group Mustang has offices in the United States, United Kingdom, Colombia, India, Malaysia, West Africa and the Middle East. For more information, visit www.mustangeng.com.
ISI Mustang provides automation technical services to the oil & gas, engineering and pipeline industries in Latin America. Founded in 1998, ISI Mustang has approximately 240 employees. The company is based in Argentina and has subsidiaries in Bolivia, Chile, Colombia, Mexico and Peru. www.isi-solutions.com
Wood Group (John Wood Group PLC) is an international energy services company with $5.5bn sales, employing more than 38,000 people worldwide and operating in 50 countries. The Group has three businesses – Engineering, Wood Group PSN and Wood Group GTS - providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide. www.woodgroup.com
For further information contact
Media enquiries:
Bobbie Ireland, Director, Corporate Communications – Americas, Wood Group
Tel: +1 281 828 3505, email: bobbie.ireland@woodgroup.com
Carolyn Smith, Director, Corporate Communications – Eastern Hemisphere, Wood Group
Tel: +44 (0) 1224 851 099, email: carolyn.smith@woodgroup.com
Dena Lee, Manager, Marketing Communications, Mustang
Tel: +1 713 215 8315, email: dena.lee@mustangeng.com
Investor and analyst enquiries:
Andrew Rose, Investor Relations Manager, Wood Group
Tel: +44 1224 532716, email: Andrew.rose@woodgroup.com
Nick Gilman, Head of Investor Relations & Corporate Communications, Wood Group
Tel: +44 (0) 1224 851404, email: nick.gilman@woodgroup.com
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