Wood Group takes over oil industry software specialist Intetech

WOOD Group has moved to increase its presence in markets such as shale and deepwater oil and gas by acquiring a specialised software and engineering consultancy firm.

The Scottish oil services giant has bought Intetech, based near Chester, for an undisclosed sum.

Intetech has developed what Wood described as market-leading software which provides real-time information customers can use to manage complex oil and gas wells in challenging environments. These include ultra deepwater and high pressure/high temperature fields.

Steve Wayman, chief executive of the Wood Group Kenny unit, said the acquisition was a strategically important deal.

He added: “We are seeing a growing client demand for well integrity and corrosionmanagement technology especially in deepwater where wells are costly and challenging, and in shale environments where numerous wells have to be drilled and operated efficiently.”

Wood Group has used a series of bolt-on acquisitions to increase the range of services it offers and extend its geographic footprint.

Intetech operates internationally and employs around 30 people. It had $4.2 million (£2.8m) revenue for the year to December.

Meanwhile, the Cameroon authorities have welcomed t he prog ress achieved offshore the West African country by Edinburgh-based Bowleven.

Noting the recent IM5 well flowed gas and condensate at encouraging rates, the National Hydrocarbons Corporation described it and the IE find made on Bowleven’s acreage as important discoveries.

Announcing the results of the IM5 well last month, Bowleven’s chief executive Kevin Hart said the company was continuing to make good progress on the path to development in Cameroon.

The group expects to be able to reach a final decision later this year on whether to sanction the investment required to bring discoveries made on the Etinde permit into production.