Wood Group PSN (WGPSN) will continue to provide duty holder and asset management services to the Hummingbird Spirit floating storage offloading production (FPSO) vessel, under a new contract extension from Teekay. Effective from April 2013, the contract continues until the end of 2013 with options to extend to March 2015. This two year extension option is valued at USD $87 million (£56 million GBP).

WGPSN has provided duty holder and asset management services to the North Sea FPSO - situated in the Chestnut field, central North Sea - since it was commissioned in 2008. This was the company’s first duty holder contract.

This new contract retains almost 100 UK jobs, primarily offshore, and is one of two UK duty holder contracts maintained by WGPSN. The company also has the duty holder contract for Beatrice offshore platform & Nigg onshore terminal for Ithaca, a contract it has held since 2009.

Dave Stewart, UK managing director of WGPSN said: “As duty holder, we have complete responsibility for Hummingbird’s operations management and are proud of the quality, standard of delivery and excellent safety record we have recorded to date. In 2012 we were recognised for our achievements when we won the offshore contractors association (OCA) challenge award in the safety category, for an outstanding shutdown on Hummingbird.

“WGPSN is one of the few service companies in the UK to be contracted to duty holder responsibilities and we’re delighted to receive this extension and continue to have the Hummingbird project in our UK portfolio.”

In the UK, Wood Group now employs more than 11,000 people working onshore and offshore.

About wood Group
Wood Group is an international energy services company with $6bn sales, employing more than 42,000 people worldwide and operating in 50 countries. The Group has three businesses - Engineering, Wood Group PSN and 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

About Wood Group PSN
Wood Group PSN is a global provider of pre-operations, hook up & commissioning, operations & maintenance, engineering, construction, project management, training and decommissioning services to the energy industry. Employing over 25,000 people in more than 35 countries, Wood Group PSN offers high integrity, brownfield services that support customers to optimise performance, maintain production, reduce operating costs and provide integrity assurance. www.woodgroup-psn.com

About Chestnut
Chestnut is an operated oil asset 200km north east of Aberdeen. Discovered in 1986, Chestnut was acquired in 2003. An orphaned small oil field without access to nearby infrastructure, it was brought on stream in 2008 using Sevan's Hummingbird cylindrical floating, production, storage and offloading (FPSO) vessel.