John Wood sells wind farm interest for $27m
Oil services firm John Wood said it was selling its 50% stake in the Voreas wind farm joint venture in Italy for $27m ($21.2m) in cash.
FTSE 250
19,391.30
17:09 19/04/24
n/a
n/a
FTSE 350
4,341.08
17:09 19/04/24
n/a
n/a
FTSE All-Share
4,296.41
17:08 19/04/24
n/a
n/a
Oil Equipment, Services & Distribution
4,928.34
16:30 11/04/24
0.00%
0.00
Wood Group (John)
150.60p
17:05 19/04/24
-0.26%
-0.40p
Wood's share in the joint venture generated EBITA of around $3m in the year to 31 December 2017. The disposal is expected to complete in the fourth quarter of 2018.
"This transaction makes a significant contribution to our non-core asset disposal programme which is a key element of our deleveraging plan," said Wood chief financial officer David Kemp.