Power Engineering - Frost & Sullivan recognizes Wood Group Power for successful growth strategy

PALO ALTO, Calif., Sept. 11, 2003 -- Frost & Sullivan bestowed the 2003 Growth Strategy Award upon Wood Group Power Inc. for its clear vision of growth in the power market.

Wood Group has demonstrated excellent foresight in identifying turbine aftermarket as a thrust area. The company began a development initiative to become a leading non-original equipment manufacturer service provider for heavy-duty industrial gas turbines.

Through systematic expansion, Wood Group has enlarged its portfolio of service offerings, both by organic growth and through a series of strategic acquisitions. Building upon its core strength of aero derivative and light industrial turbine repair, Wood Group has moved into maintenance, repair, and overhaul (MRO) services for heavy-duty industrial gas turbines and maintenance of steam turbines, generators and controls.

Wood Group has made a large number of acquisitions in the power industry. So far as practicable, Wood Group allows each acquired entity to function as an independent business unit in order to capitalize on the local brand recognition, technology expertise, and customer relations of the subsidiary.

The company aims to become a turnkey operation and maintenance contractor for power plants in North America. With the current debt situation in the U.S. power industry, it is expected that many power plant assets will transfer hands from the merchant power establishment to independent restructuring companies, and Wood Group has strategically positioned itself to benefit from this situation

"With multi-brand service capability, turnkey offerings, strategic alliances, and acquisitions, as well as unambiguous planning, Wood Group has clearly entrenched itself into the power plant services arena. Wood Group has a clear roadmap to emerge as the leading independent power plant services company, serving both North American and global markets," states Ravi K., senior industry analyst for Frost & Sullivan.

Each year, Frost & Sullivan presents its Growth Strategy Award to the company that has penetrated new markets and expanded its portfolio of services through a series of strategic mergers, acquisitions, or joint ventures.

Wood Group Power Inc. is a subsidiary of John Wood Group PLC and is an independent provider of MRO services for light industrial, aero-derivative, and heavy industrial gas turbines, steam turbine generators, and other high-speed rotating equipment. John Wood Group PLC is a $1.7 billion international energy services company, based out of Aberdeen, Scotland.

Founded in 1961, Frost & Sullivan, a global in growth consulting, presents Market Engineering Awards to companies that demonstrate excellence in their industry, commending the diligence and innovative business strategies required to advance in the global marketplace. Frost & Sullivan rigorously analyzes specific criteria to determine Market Engineering Award recipients in a vast variety of market industries and landscapes. For further information, visit www.frost.com.

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