By Tom Westcott
London, 29 August:
Scottish based Wood . . .[restrict]Group, which was recently paid $5.8 million of a $13 million debt, is not planning to undertake more work for Libya until the outstanding amount of $7.2 million is settled.
According to the company’s half-year financial results, a provision of $13 million has beenmade since work on a major project was suspended last year. Until the revolution, Wood Group had been providing out-of-country engineering to a joint venture between ENI and the Libyan National Oil Company.
Nick Gilman, Head of Corporate Communications and Investor Relations, told Libya Herald today: “We stopped work about 18 months ago and some of our outstanding debts have just been paid by the joint venture company.” Gilman said that Wood Group was “hopeful” that further funds would be forthcoming, but stressed that work would not recommence until the debt had been honoured in full.
One of the leading international energy service companies, Wood Group operates in 50 countries but not, at present, in Libya.
Gilman said: “We do not have any ongoing or planned projects in Libya at the moment.” However, he added: “It is an important region and we watch Libya, so the situation could change very quickly.” [/restrict]