UK-based oil and gas firm Wood Group has agreed to acquire Norwegian engineering company Agility Projects for approximately $164m.

The transaction, which is expected to be completed in the third quarter of 2014, will strengthen Wood Group’s Norwegian offshore engineering capability.

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The deal is subject to certain conditions, including competition approvals in Norway.

Agility Projects, which is a subsidiary of Agility Group, is headquartered in Sandefjord near Oslo with Norwegian operations in Stavanger, Bergen and Moss, as well as Shanghai, China.

"The culture and core values of Agility Projects represent a perfect fit with Wood Group Mustang as we both focus on quality of service, customers and employees."

The company provides engineering, procurement, construction management, installation and commissioning services with activities focused on the Norwegian Continental Shelf (NCS).

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Agility Projects, which employs 650 people across its operations, will operate within Wood Group Mustang’s offshore business.

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It will be led by the existing Agility Group CEO, Otto Søberg, with the current management team of Agility Projects.

Mr Søberg said: "The culture and core values of Agility Projects represent a perfect fit with Wood Group Mustang as we both focus on quality of service, customers and employees."

Wood Group Mustang CEO Steve Knowles said: "Agility Projects’ reputation is very well-established in Norway and represents a strategically important acquisition for Wood Group Mustang as it increases our exposure to the greenfield and brownfield engineering markets on the NCS."

Energy