Wood posts Mideast growth in 2023; nets $850m contracts
CONSTRUCTION NEWS
Wood, a global consulting and engineering company, has recorded significant growth in the Middle East region, securing $850 million in contract wins in the last 12 months.
The company’s growth is driven by demand for conventional and low carbon energy supply, focusing on decarbonization, energy optimization, asset life extension and energy transition solutions.
Working in Iraq, the Kingdom of Saudi Arabia, Qatar, and the UAE, Wood recently recruited over 700 new employees across the region and is currently recruiting 500 roles with more expected throughout 2024.
Its groundbreaking projects across the region included the development of a CO2 transportation and storage network that will increase the current global capacity of CO2 storage by approximately 25%, as well as feasibility studies and preliminary front end engineering design for both carbon capture and storage (CCS) and low carbon hydrogen projects.
"As a key strategic region for Wood, we see continued growth and opportunity across the Middle East. We have supported energy security in the region for more than eight decades and are excited to play a key role in its energy transition, designing a lower carbon, digitally enabled future," remarked its CEO Ken Gilmartin.
"Our recent success is testament to the hard work and dedication of our remarkable team and our unwavering commitment to delivering exceptional value for our clients and developing our in-country talent," he noted.
In the last year, Wood’s key wins include a contract extension in Iraq with a long-term client to continue delivering front end engineering design (Feed), procurement and EPC contract management solutions, critical to safe and efficient operations.
Wood is also supporting a significant project to reduce emissions in the country by more than 10 million tons of carbon per year through the elimination of flaring.
Another big win was a long term multi-million-dollar engineering and procurement services contract in Qatar in addition to a complex pre-Feed and Feed services for both onshore and offshore clients in the UAE, stated Gilmartin.
Committed to developing local engineering talent, Wood’s four-year engineering Basrah Graduate Scheme in Iraq continues to grow and has now supported more than 60 University of Basrah graduates since 2016, he noted.
Wood has more than 3,000 employees across the region in key hubs including the UAE, Saudi Arabia, Iraq and Qatar.-TradeArabia News Service
