Wood Group announced the acquisition of Intetech Limited ("Intetech"), a niche provider of software and engineering consultancy services for well integrity and corrosion management to the global oil & gas market. Formed in 1991, Intetech employs around 30 people, had revenue for the year to December 2012 of $4.2m and operates internationally from offices near Chester, UK.
Intetech has proprietary market leading software "iWIT", which provides its customers with real time active management of oil and gas wells, especially important for complex wells, such as ultra deepwater, high pressure/high temperature, or with highly corrosive well products.
Steve Wayman, CEO of Wood Group Kenny said, "The acquisition of Intetech is strategically important for Wood Group Kenny. It strengthens our business critical software portfolio and fits ideally alongside our highly differentiated consultancy services teams. We are seeing a growing client demand for well integrity and corrosion management technology especially in deepwater where wells are costly and challenging and in shale environments where numerous wells have to be drilled and operated efficiently.
"Also, the industry must comply with increasingly stringent regulatory requirements and technical standards, so asset integrity issues need to be addressed throughout the design and operational phases of oil & gas wells. As a company best known for our subsea prowess, it is part of our ongoing strategy to expand and enhance our capabilities in well integrity, which is one of the strongest growing markets in our industry."
"Intetech will be joining the Wood Group Integrity Management ("WGIM") area of the business and will be re-named Wood Group Intetech. It will continue to be run by its existing management team, led by Dr Liane Smith FREng. It provides a complementary fit to WGIM's existing software and services."
Dr. Smith said, "I am delighted that we will have the support of Wood Group to springboard us into the next phase of our growth, by promoting our combined capabilities. We know and have worked closely with WGIM before and in Wood Group Kenny we will be joining what I believe is the largest and most prestigious solution-independent engineering group of its type. We have very similar core values to those of Wood Group, with a primary focus on safety, quality of service, our customers' needs and the welfare of our employees. This is a great step for everyone concerned and will open up many new avenues of career development for our current and future staff."
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