LONDON (ShareCast) - Engineering services company Wood Group has secured a new five-year North Sea contract with UK exploration and production outfit Enquest.
Wood Group PSN, which will provide engineering, design, construction, procurement and commissioning services, will work on the Thistle, Heather and Northern Producer offshore assets.

"The terms of the contract reflect EnQuest's ongoing focus on reducing costs and improving the efficiency of its North Sea offshore operations," Wood Group said.

The contract, which extends an agreement in place since 2009, includes extension options for up to a further five years.

Wood Group's industrial services division already holds a contract to deliver topsides integrity work on the Thistle platform.

The stock was up 0.6% at 685.5p in early trading on Tuesday.

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