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Wood Group agrees to sell 50pc in RWG to JV partner
(Sharecast News) - Engineering services company John Wood Group said on Friday that it had agreed to sell its 50% stake in repair and overhaul services outfit RWG to joint venture partner Siemens Energy for $135.0m in cash. John Wood said the disposal was consistent with its previously announced disposal programme of non-core businesses and contributes to the $150.0m to $200.0m disposal proceeds targeted for 2025.
The London-listed group noted the transaction was expected to be completed in late 2025 or early 2026 and was conditional on the receipt of certain regulatory clearances
John Wood added that proceeds from the sale will be used to reduce its net debt position.
Chief executive Ken Gilmartin said: "The sale of RWG to our joint venture partner, Siemens Energy Global, is a significant milestone. As previously announced, our disposal programme of non-core businesses is part of our strategy to simplify Wood and help mitigate the impact of negative free cash flow in the year. The sale will also ensure continuity for the employees and customers of RWG."
As of 0830 BST, Wood Group shares remained suspended at 18.44p.
Reporting by Iain Gilbert at Sharecast.com
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