Scotland's Wood Group lauds U.S. shale

Feb. 19, 2014 at 7:01 AM
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ABERDEEN, Scotland, Feb. 19 (UPI) -- Wood Group of Scotland singled out the U.S. shale energy sector as among the energy company's strengths, crediting it with 30 percent of its recent revenue.

The company, which has headquarters in Aberdeen, Scotland, acquired Wyoming-based services company Elkhorn, which operated in the Niobrara, Permian, Marcellus and Utica shale basins in the United States. for $215 million in November.

Wood Group said it has about 4,500 people employed in its various activities "across the most significant U.S. shale plays."

"We are predominantly an upstream oil and gas services business and our intention is to broaden and deepen the services we can offer in this sector," Wood Group Chief Executive Officer Bob Keiller said Tuesday.

New technologies used for drilling into shale formations have released oil and gas reserves previously out of reach for energy companies.

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