Shares of Aberdeen-based John Wood Group plc rose about 9% after it said it signed three major agreements with bp to provide engineering and project delivery services for their capital projects worldwide.

The contracts cover a new master services agreement (MSA) for engineering, procurement and construction management (EPCm) services as well as two extensions to existing long-term frameworks for the provision of conceptual engineering and Pre-FEED/FEED (front end engineering and design).

The new EPCm agreement will run for an initial term of three years with the potential for extensions of an additional four years. Meanwhile the conceptual engineering and pre-FEED/FEED frameworks have been extended for an additional three years each.

“The agreements cover all of bp’s business units and will see Wood providing support for offshore and onshore assets within the upstream, midstream and downstream energy markets,” said Wood.

“The deals build on a decades-long successful partnership between the two companies and is in addition to a multi-region asset management agreement signed in September 2022.

“The new frameworks will help to drive efficient and predictable delivery outcomes for bp global projects worldwide and will see Wood providing a clear focus on digitally enabled delivery as well as asset decarbonisation.”

Wood CEO Ken Gilmartin  said: “We are delighted to enhance our partnership with bp, which continues to go from strength-to-strength.

“As a company we thrive in supporting our clients to deliver some of the most complex and challenging projects in the energy and materials markets and we look forward to working with bp to support the full lifecycle of capital projects worldwide.”