The transaction is a key part of Wood’s previously announced strategy to simplify its business by divesting non-core assets. The sale of RWG, a provider of repair and overhaul services for aero-derivative gas turbines, contributes significantly to the company’s target of raising $150m to $200m (c. £111m to £150m) from disposals in 2025.

Proceeds from the sale will be used to reduce Wood’s net debt. The deal follows other recent divestments, including the sale of Kelchner Inc. in April 2025 and its stakes in EthosEnergy and CEC Controls Company Inc. in 2024.

Ken Gilmartin, CEO of Wood, described the sale as a “significant milestone” in the company’s organisational simplification. “Our disposal programme of non-core businesses is part of our strategy to simplify Wood and help mitigate the impact of negative free cash flow in the year,” he added. “The sale will also ensure continuity for the employees and customers of RWG.”

For the financial year ended 31 December 2023, Wood’s share of RWG’s post-tax profits was $16.3m (c. £12m), and its investment in the joint venture had a balance sheet value of $69.2 million (c. £51m). Following the sale, Wood will no longer receive dividends or a management charge from RWG, which amounted to approximately $9m (c. £6.7m) per year.

The transaction is conditional on receiving regulatory clearances and is expected to be completed in late 2025 or early 2026.