The extension, valid until February 2026, involves the continued refurbishment of BSP’s offshore energy assets to enhance production capacity and efficiency while reducing emissions.

Wood Group will be tasked with brownfield engineering, procurement, construction, commissioning services, and offshore marine fleet management across 20 of BSP’s most substantial offshore installations. These installations account for approximately 80% of BSP’s total oil and gas output.

Ken Gilmartin, CEO at Wood, said: “Wood is pleased to continue supporting BSP’s offshore asset portfolio in the next phase of its rejuvenation project.

“This extension shows progress on our strategy; which focuses on reimbursable projects and complex work in critical industries; that we laid out last year and demonstrates the strength of our relationship with an important client in a key region.

“It is also testament to our track record of performance excellence, safe operations and innovative technical expertise. The award also highlights our continued focus on ensuring energy security across the region whilst minimising the environmental impact of doing so.”

The project will employ about 1,500 skilled employees under the contract, with 65% local to Brunei, as part of Wood’s commitment to the Wawasan Brunei 2035 programme for advancing local employment and skillsets. The contract will be overseen by Wood’s Operations teams based in the company’s main location in Kuala Belait and offshore, with additional support from the Manila, Philippines office.

The contract extension follows a turbulent year for the Aberdeen-based company, whose share value has decreased by over 75% in the last five years. The company was a takeover target for private equity firm Apollo Global Management, but Apollo withdrew its proposal in May.