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IN BRIEF: John Wood completes Ethos Energy sale for USD138 million

Thu, 02nd Jan 2025 09:39

John Wood Group PLC - Aberdeen, Scotland-based oilfield and engineering services provider - Completes the sale of its stake in its joint venture focused on rotating equipment, Ethos Energy Group Ltd, to One Equity Partners LP for USD138 million in cash. Says the USD42 million of prior planned loan notes were replaced by an additional cash consideration at completion. Wood owned 51% of EthosEnergy with Siemens Energy AG and says it contributed USD34 million of adjusted earnings before interest, tax, depreciation and amortisation in 2023.

John Wood Group Chief Executive Ken Gilmartin says: "We are pleased to complete the sale of EthosEnergy to One Equity Partners. This strategic divestment is part of our strategy to be selective and focused on our core business. We will continue to align our portfolio as part of our commitment to simplify Wood."

Current stock price: 67.00 pence, up 2.1% on Thursday morning in London.

12-month change: down 60%

By Christopher Ward, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

More News

14 Feb 2025 07:13

Wood Group shares tank on 'difficult' trading update

(Sharecast News) - Shares in Wood Group were tanking on Friday morning, after it flagged weaker-than-expected fourth-quarter trading in an update, and warned of negative free cash flow in 2025.

31 Jan 2025 16:54

LONDON MARKET CLOSE: Stocks green as US PCE index meets forecasts

(Alliance News) - Stock prices in London closed mostly higher on Friday, after FTSE 100 leader Smiths Group pleased investors by announcing spin-offs and an increase to its buyback programme.

20 Jan 2025 15:40

London close: Stocks mixed as Trump reenters the Oval Office

(Sharecast News) - London stocks ended Monday with a mixed performance as investors assessed the latest UK house price data and monitored Donald Trump's inauguration as the 47th president of the United States.

20 Jan 2025 09:02

LONDON MARKET OPEN: Stocks open mixed, Sanderson Design plummets

(Alliance News) - Stock prices in London opened mixed but with gains for the FTSE 100 on Monday, while in Europe, Destatis reported that German producer prices unexpectedly declined in December.

20 Jan 2025 08:39

IN BRIEF: John Wood wins "significant" contract with Esso Australia

John Wood Group PLC - Aberdeen, Scotland-based oilfield and engineering services provider - Awarded "significant" new contract by Esso Australia Resources Pty Ltd to provide maintenance of onshore and offshore assets in Gippsland Basin in Victoria state. John Wood says the "long-term" contract starts this month and will create 250 jobs in Victoria. It doesn't provide the monetary value of the contract, nor its exact term.

20 Jan 2025 07:03

Wood Group wins maintenance contract with Esso Australia

(Sharecast News) - Wood Group on Monday said it had won a contract to provide long-term maintenance for Esso's onshore and offshore assets in Australia's Gippsland Basin.

2 Jan 2025 11:40

Wood Group offloads EthosEnergy stake for $138m

(Sharecast News) - John Wood Group announced on Thursday that it has completed the sale of its 51% stake in EthosEnergy Group to private equity firm One Equity Partners for a final net cash consideration of $138m.

19 Dec 2024 10:18

John Wood wins OMV Petrom contract for sustainable aviation fuel

(Alliance News) - John Wood Group PLC on Thursday said it has won a "significant" contract with OMV Petrom for a sustainable aviation fuel production project in Europe.

19 Dec 2024 08:05

LONDON BRIEFING: Stocks down as rate calls uncomfortably digested

(Alliance News) - The FTSE 100 was firmly in the red on Thursday, following a 'hawkish' speech from US Federal Reserve Chair Jerome Powell alongside the expected quarter-point rate cut.

19 Dec 2024 07:02

Wood Group wins contract to work on eco fuel refinery in Romania

(Sharecast News) - John Wood Group on Thursday said it had won a contract by OMV Petrom for a major project to boost production of sustainable fuel in Southeast Europe.

9 Dec 2024 11:24

EnergyPathways chooses John Wood subsidiary as engineering partner

(Alliance News) - EnergyPathways PLC on Monday said it has agreed a strategic engineering partnership with Wood Group UK Ltd, a subsidiary of FTSE 250-listed John Wood Group PLC.

5 Dec 2024 14:40

London close: Stocks mixed as oil prices rise

(Sharecast News) - London stocks closed mixed on Thursday as investors digested a new report on the UK construction sector and monitored political developments in France, while Frasers Group weighed heavily on sentiment after the retailer slashed its profit outlook.

5 Dec 2024 12:24

LONDON MARKET MIDDAY: Stocks flat while profit warning hurts Frasers

(Alliance News) - London's blue-chips were struggling for direction around midday on Thursday, underperforming European peers, as a profit warning from retailer Frasers sparked alarm.

5 Dec 2024 09:03

IN BRIEF: John Wood Group shares rise as signs three contracts with BP

John Wood Group PLC - Aberdeen, Scotland-based oilfield and engineering services provider - Signs three "major agreements" with oil major BP PLC for engineering and project delivery services. Does not give any financial details of the contracts but says they consist of one new three-year deal and three-year extensions of two others. They cover a new master services agreement for engineering, procurement and construction management services and the extension of contracts for conceptual engineering and front end engineering and design services.

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IN BRIEF: John Wood completes Ethos Energy sale for USD138 million

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