Wood Group completes PSN takeover

Aberdeen-based energy services firm, Wood Group, has completed its £600m acquisition of rivals PSN, it has emerged.

Wood Group confirmed the deal had been completed in a stock exchange announcement.

Last month, the proposed takeover was cleared by the Office of Fair Trading.

Bob Keiller has been appointed executive director of Wood Group and chief executive of the combined production services business.

The takeover creates a division of Wood Group with revenue of £1.6bn, and a global workforce of 23,000.