(Alliance News) - John Wood Group PLC on Tuesday said it completed the sale of its offshore labour supply operations in the Gulf of Mexico to Louisiana-based energy services contractor Danos.
John Wood, a Aberdeen, Scotland-based energy sector-focused engineering and consulting business, said the sale was for USD17 million, with John Wood retaining the working capital of the disposed operation.
This generated around USD90 million of revenue and around USD3.5 million of adjusted earnings before interest, tax, depreciation and amortisation in 2022. It employs about 700 people.
John Wood said the cash from the sale will enhance its financial flexibility.
Chief Executive Officer Ken Gilmartin said: "Wood is committed to the US with the Gulf of Mexico remaining an important region for our offshore consulting, capital projects and brownfield engineering businesses."
John Wood shares were 0.6% higher at 215.20 pence each in London on Tuesday afternoon.
By Tom Budszus, Alliance News reporter
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Wood Group (J) (WG.)