Wood Group subsidiary Mustang in Latin America move

Aberdeen-based energy services firm Wood Group has made a strategic move into Latin America via a US subsidiary.

Wood Group-owned Mustang has acquired a majority stake in ISI Solutions, a provider of engineering and consulting services to the oil and gas, power and pipeline industries.

The deal was for an initial consideration of $5.2m (£3.3m).

ISI, which will be rebranded ISI Mustang, has 240 staff in Mexico, Peru, Argentina, Bolivia, Chile and Colombia.

It will operate within Mustang's automation and control business.

Mustang president Steve Knowles said: "This is a strategic move to increase our automation and control capabilities in Latin America.

"ISI's strong management team and proven track record provides Mustang with a robust platform for growth across South America and in Mexico."