Belfast Telegraph

Oil services firms agree to merger valued at £2bn

TWO Aberdeen-based oil services firms are to join forces in a deal creating a business with 22,000 staff and revenues of around £2bn a year. Wood Group is to buy rival PSN in an agreement worth $955m (£600m) before merging the acquisition with its own production services business. Wood is listed in the FTSE 250 Index and has operations in engineering, well support and gas turbines services.