Wood Group to acquire interest in Marginal Field Development Co.

Offshore staff

MANCHESTER, UK ABT Oil and Gas Ltd. and Wood Group PSN have signed a memorandum of understanding wherein Wood Group would subscribe for a 50% share in ABTOG’s engineering subsidiary, Marginal Field Development Co.

Marginal Field Development will be renamed and defined as an upstream technology, project management, and engineering company dedicated to technical development of stranded and marginal hydrocarbon fields, according to ABTOG’s 50% shareholder Enegi Oil Plc (AIM:ENEG).

Marginal Field Development initially aims to complete engineering of ABTOG’s unmanned production buoy and self-installing floating tower.

6/12/14

 

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