Aberdeen Oil firm Wood Group to target new markets

The John Wood Group said it planned to grow organically and by taking over other companies

The Aberdeen oil services company John Wood Group has said it intends to mount a push into new markets.

The group said it planned to broaden its international presence and new locations included Angola, Brazil, Canada, Malaysia and Saudi Arabia.

The company made £156m in pre-tax profits in 2010 - a fall of 4% compared with the previous year.

It employs more than 29,000 people in more than 50 countries throughout the world.

Sir Ian Wood, chairman of the group, said: "We are well positioned to take advantage of the improving market conditions and will continue to pursue our strategy of targeted geographic expansion and extended services through organic and acquisition-led growth.

"Overall, we anticipate good growth over the next few years."

The company said the move into new countries would form part of a strategy to shift focus on to its core engineering, production facilities support and gas turbine services.

Late last year, Wood announced plans to buy its rival PSN in a deal worth about £600m.

Earlier this month it said it was selling its well support divisions to the US conglomerate General Electric for £1.7bn, with more than half the proceeds set to go to shareholders.