Mustang Al-Hejailan Engineering combines with Dar E&C and PI-Consult
Mustang Al-Hejailan Engineering, a Wood Group company, has finalized agreements to combine with two Saudi Arabian-owned engineering businesses, Dar E&C and PI-Consult, to create Mustang Al Hejailan Dar PI (MHDP). The combined entity of around 500 people will be a Saudi engineering and project management services provider, and will execute work under the general engineering services contract (GES+), awarded by Saudi Aramco on March 3, 2011.
Mustang will be the majority shareholder of MHDP, with Dar as the second largest shareholder in the company. Dar and PI, both longstanding providers of engineering services to Saudi Aramco, held gross assets of $6.27 million and $8.41 million respectively as at December 2010.
Prince Turki A. Abdulrahman, CEO of Dar Group, said, “Following these transactions, Mustang Al Hejailan Dar PI is uniquely placed to benefit from Saudi Aramco’s significant investment plans for both onshore and offshore developments over the coming years, as we continue to grow and develop our in-Kingdom engineering and project management capability.”
Mike Straughen, Wood Group board director responsible for engineering said, “We look forward to the exciting opportunities presented by Saudi Aramco’s prestigious GES+ contract award. In the longer term, we fully expect to see growth for MHDP through the development of further customer relationships in Saudi Arabia, particularly in the areas of downstream and infrastructure.”
Comments