WOOD, the Aberdeen-based energy services giant, has sold its built environment consulting business for around $1.9 billion (£1.5bn).
The company declared the disposal would “significantly reduce” its leverage and deliver value for shareholders, raising the prospect of restoring its ordinary dividend.
Wood has sold the division, which employs around 5,500 people with more than 100 offices largely in the US, to WSP Global Inc.
The deal comes shortly after the company announced in April that chief executive Robin Watson would be stepping down after seven years in charge. Mr Watson has led Wood through its transition from a business focused on the North Sea oil services industry into a global operation with interests in a wider range of energy and industrial markets.
Mr Watson said this morning: "We are very pleased to have agreed this sale with WSP. This transaction will deliver significant value for our shareholders and marks a new chapter for Wood. It enables us to move onto our next strategic phase with the financial flexibility to accelerate our strategy to capture the growth opportunities ahead across both energy security and sustainability.
“We are focused now on the steps to complete this deal and in further developing our strategy, which we will outline in detail at a capital markets day, when my successor as chief executive is in place.”
Alexandre L’Heureux, president and chief executive officer of WSP, said: “The addition of the built environment consulting business will allow us to expand our earth and environment leadership across our key markets and geographies. We share a common purpose of making the world a better place and our united forces will only further our expertise to create a more sustainable and resilient world.”
Shares in Wood were down more than six per cent in early trading.
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