A Year of Strategic Sales
Wood, listed on the London Stock Exchange, had previously set a target to raise between $150 million and $200 million from asset sales in order to cut losses.
In April, it sold Kelchner Inc., its U.S. civil construction arm, to private equity firm Strength Capital Partners for roughly $30 million. Three months later, it offloaded its stake in RWG (Repair & Overhauls) Ltd., a gas turbine joint venture, for $135 million.
The company also agreed in August 2024 to sell two more non-core businesses for £165 million ($222 million). Earlier this year, it completed the sale of its 51% stake in Ethos Energy Group Ltd., while details of its sale of CEC Controls Co. Inc. remain pending.
Sidara Takeover in Motion
The sale comes as Wood prepares for a reduced takeover bid worth about £207.5 million from Dar Al-Handasah Consultants (Shair and Partners) Holdings Ltd., better known as Sidara. The Beirut-founded engineering giant operates widely in the Middle East and has targeted Wood for expansion despite scaling back from an earlier £1.6 billion offer in 2024.
Wood still operates oil and gas rigs in the North Sea and other regions, even as it trims away secondary businesses.
The company’s turbulent run included a £1.7 billion acquisition attempt by Apollo Global Management in 2023, which collapsed after a series of rejected proposals.
