Disposal of Italian wind farm interest

16 August 2018

Wood reaches agreement to dispose of interest in Italian wind farm

Wood has reached agreement to dispose of its 50% interest in the Voreas S.r.l wind farm joint venture in Italy for a cash consideration of around $27m. Wood's share in the joint venture generated EBITA of around $3m in the year to 31 December 2017.

The disposal is subject to a number of conditions precedent and is expected to complete in the fourth quarter of 2018.

David Kemp, Wood chief financial officer commented: "This transaction makes a significant contribution to our non-core asset disposal programme which is a key element of our deleveraging plan."

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Note to Editors:

Wood is a global leader in the delivery of project, engineering and technical services to energy and industrial markets. We operate in more than 60 countries, employing around 60,000 people, with revenues of around $10 billion. We provide performance-driven solutions throughout the asset life cycle, from concept to decommissioning across a broad range of industrial markets, including the upstream, midstream and downstream oil & gas, power & process, environment and infrastructure, clean energy, mining, nuclear, and general industrial sectors. We strive to be the best technical services company to work with, work for and invest in. www.woodplc.com 

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