Aberdeen's Wood seals new ten-year deal with energy giant Chevron

Wood, the Aberdeen-headquartered energy and engineering services group, has signed a new ten-year deal with oil giant Chevron.

The “global master services” agreement relates to engineering and project-related services and can be used by all of Chevron’s business units. It covers offshore and onshore assets within the upstream, midstream and downstream markets.

Wood said the deal enables the formation of a “global strategic relationship”, strengthening the overall quality of engineering and providing “predictable outcomes for project delivery worldwide”. The Scots group will also work with Chevron’s digital enablement specialists to “collaborate, optimise and pursue efficiencies”.

Jennifer Richmond, executive president of strategy and development at Wood, said: “With Chevron, we share the same strategic sentiment, growth mindset and alignment on key sustainability and performance goals.

“Our strong market proposition enables us to provide solutions right across the energy spectrum on a global scale, and our commitment to digitalisation and adoption of best-in-industry practices ensures we are continuously seeking performance and project efficiencies.”

Jim Shaughnessy, president of conventional energy at Wood, added: “Transparency, ingenuity, collaboration, and predictable performance have all been key to building our more than 20-year relationship with Chevron.”

Wood operates in more than 60 countries, employing some 40,000 people.

In April, the group launched its next generation of hydrogen production technology. The firm said its steam methane reforming (SMR) technology can achieve 95 per cent CO2 emissions reduction, compared to a traditional hydrogen production plant.

The new tech aims to counter inefficiencies in energy, heat production and industrial processes, which together account for more than half of all global greenhouse gas emissions.