Wood completes £51m sale of Canadian turbines business

David Kemp, Wood chief financial officer
David Kemp, Wood chief financial officer

ABERDEEN-headquartered Wood has completed the sale of its stake in TransCanada Turbines to joint venture partner TC Energy for £51 million.

The energy giant will use the cash proceeds to reduce debt and accelerate progress towards Wood’s target leverage.

TransCanada Turbines delivers overhaul, repair and maintenance services on industrial gas turbines for an international client base.

It is headquartered in Calgary, Alberta with field service offices across the globe.

David Kemp, chief financial officer, said: “Our focus on portfolio optimisation is driven by our strategic objective of building a premium, differentiated, higher margin business focused on energy and built environment markets.

“The sale of our interest in TransCanada Turbines will also make a positive contribution towards achieving our leverage target.”

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