Energy Services Co Wood Group Buys Competitor, Access to Marcellus/Utica
Wood Group, a company with $7 billion in sales and 43,000 employees worldwide, is an international energy services firm (engineering, construction, etc.) that targets the oil and gas drilling industry. The Wood Group announced today they’re acquiring a much smaller competitor–Elkhorn Holdings Inc., a construction services firm with a presence in the Marcellus and Utica Shale region. Elkhorn, based in Wyoming, has 2,200 employees.
The buyout means Wood Group will expand further into the Marcellus/Utica and more than double the number of their shale-focused employees. It also means an expanded product offering for Wood throughout the U.S. Today’s announcement from the Wood Group: