John Wood Group PLC

 

Transcript

We’ve been with PwC I guess getting close to 25 years, so it’s been a very long relationship and I think one of the key strengths has been that PwC has adapted very well to our needs. When we first began to internationalise, we made a lot of small acquisitions or moves in various countries around the world. They built up a really detailed knowledge of our operations. So, if I met the PwC engagement partner I could ask him what did he think of our processes in Colombia or Malaysia or Kazakhstan and he would have a good knowledge of processes, people and some of the challenges because often he had gone round and visited those things personally and that’s been incredibly valuable to us as kind of a central team to get that second view on how things are going on around the world.

About two years ago we did a major strategic repositioning of Wood Group. We decided to sell one of our divisions and we did an auction and GE emerged as the eventual buyer of that and at the same time, we decided to expand one of our major divisions by doing by far our largest acquisition. So we brought a company called PSN for just under $1b, so that was a very frenetic time for everyone trying to complete by far our biggest disposal and to complete the acquisition at the same time and PwC played a key role, particularly in the acquisition. They did all the due diligence for us for an acquisition that itself operated in 30 countries around the world and they also gave us very significant advice in areas like structuring the acquisition, tax diligence and on things like acquisition accounting, the valuation of intangibles, goodwill etc. So, incredible partner through what was probably the most intense process we’ve seen.

For a company such as us, I think we really only can effective use a company like PwC which may not have offices in every place that we operate around the world but probably has offices in 97% of the places we work around the world and generally, will provide a consistent quality standard wherever we go.

We’ve worked with John Wood Group PLC for almost 25 years. And during that time we’ve helped them on a number of projects. Chairman, Allister Langlands talks about how we’ve adapted to their needs, built up our knowledge of their operations and how that’s been valuable to them. He also talks about how we helped them during their acquisition of a company called PSN as well as the value of the PwC global network.