The value of oil services firm the Wood Group has risen to more than �1bn after strong dealing on its stock market debut.

Shares in the Aberdeen-based company climbed by 9% to 213�p in conditional dealing ahead of its full listing in the city next week.

Wood is the largest Scottish company to float on the stock market since Perth-based transport operator Stagecoach in 1993.

The company, which employs more than 10,000 people in 30 countries, designs and manages oil and gas projects around the world.

Sir Ian Wood: "Well received and supported"

Wood had set its share price at 195p in advance of the flotation, which included about a quarter of the firm's share capital.

The offer was reported to be seven or eight times oversubscribed.

Wood wants to use the �135m raised from the flotation to make acquisitions, accelerate growth and reduce its debts.

Chairman and chief executive Sir Ian Wood and his family have raised about �50m by cutting their own shareholding from 65% to 45%.

Sir Ian said he was pleased the group's track record and prospects "have been well received and supported".

Restore confidence

"We are entering a new and exciting phase of our development and are confident that public status will bring benefits for our customers, employees and shareholders," he said.

The strong start for the company is expected to restore confidence in the market for new issues.

HMV and Punch Taverns both received a lukewarm reception to their recent flotations.

Bookmaker William Hill and the Burberry fashion house are both set to join the stock market in the weeks ahead.