27 February 2012 Last updated at 04:27 ET

Wood PSN picks up £250m contract

Balmoral rig [Pic: Premier Oil] The contract with Premier Oil is for the life of the fields which is thought to be until 2020

Aberdeen's Wood Group PSN has been awarded a £250m contract from Premier Oil to deliver services to the Balmoral support vessel.

The Balmoral is situated 122 miles offshore from Aberdeen and provides services for six oil fields.

The contract is for the life of the fields, currently estimated to be until 2020.

The deal secures the jobs of 70 offshore staff and creates 15 new onshore posts.

The contract starts at the beginning of May.

Robin Watson, UK managing director for Wood Group PSN, said: "Wood Group PSN previously worked with Premier Oil to successfully commission and decommission the Sevan Voyageur, a Floating Production Storage and Offloading System (FPSO) in the Shelley field, central North Sea.

"This new contract award is an especially important milestone that allows us to nurture our relationship with a key client."

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