Mustang will be the majority shareholder of MHDP, with Dar as the second largest shareholder in the company. Dar and PI, both longstanding providers of engineering services to Saudi Aramco, held gross assets of US$6.27m and US$8.41m respectively as at December 2010.
Prince Turki A. Abdulrahman, CEO of Dar Group, said, 揊ollowing these transactions, Mustang Al Hejailan Dar PI is uniquely placed to benefit from Saudi Aramco抯 significant investment plans for both onshore and offshore developments over the coming years, as we continue to grow and develop our in-Kingdom engineering and project management capability.�
Hamad Mohammad Al-Id, CEO of PI said, 揟he award of the GES+ contract to MHDP presents tremendous opportunities for the continued development of our people.�
Mike Straughen, Wood Group board director responsible for engineering said, 揥e look forward to the exciting opportunities presented by Saudi Aramco抯 prestigious GES+ contract award. In the longer term, we fully expect to see growth for MHDP through the development of further customer relationships in Saudi Arabia, particularly in the areas of downstream and infrastructure.�