Wood Group lands Iraqi service contracts

ABERDEEN, Scotland, May 9 (UPI) -- Oil services company Wood Group said Monday it secured two new contracts in Iraq that will bring in more revenue and create more than 100 new jobs.

For undisclosed companies, Wood Group said it landed two three-year contracts valued at more than $140 million to provide support for operations in southern Iraq, creating more than 100 new jobs in the process.

"These two significant contract wins demonstrate Wood Group's commitment to working closely with key clients to extend our operations in Iraq, where we see a growth market that complements our broad service capabilities, international knowledge and strong expertise," regional director David Buchan said in a statement.

Wood Group, which has offices in Aberdeen, has notched a series of victories even as crude oil prices struggle to carry a rally that brought prices from below $30 per barrel this year forward. Supply-side concerns emerged in late April when data showed production increases from members of the Organization of Petroleum Exporting Countries. Some of its members had called for a production freeze, though Iranian reservations left any agreement without the support needed for full implementation.

The Iraqi Ministry of Oil said, however, that oil exports for April were the highest ever at 3.36 million barrels per day.

The contracts will be delivered by Wood Group from offices in nearby Dubai and in Iraq, which Buchan said reflects the company's intentions to focus on developing the regional supply chain.