Aberdeen-headquartered John Wood Group PLC has confirmed the sale of its 50% shareholding in joint venture RWG (Repair & Overhauls) Limited to Siemens Energy Global GmbH & Co. KG, its long-standing partner in the business. The deal, valued at $135 million and subject to standard closing adjustments and regulatory approvals, is expected to complete later this year or in early 2026.
RWG, based in Dyce, specialises in the repair and overhaul of industrial aero-derivative gas turbines serving the global oil and gas, power generation and marine propulsion sectors. The company’s operations will now be fully integrated into Siemens Energy’s global network.
Wood’s share in RWG was held through its subsidiary JWG Investments Limited. The disposal forms part of the Group’s ongoing strategy to streamline its portfolio and focus on core business areas. The company is targeting $150 million to $200 million in proceeds from asset sales during 2025.
Ken Gilmartin, CEO of Wood, said:
“The sale of RWG to our joint venture partner, Siemens Energy Global, is a significant milestone. 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. The sale will also ensure continuity for the employees and customers of RWG.”
RWG contributed $20.4 million in adjusted EBIT to Wood’s 2023 results, alongside a management charge of around $9 million annually. Wood received dividends of $8.1 million in 2023 and $9.4 million in 2024. The company’s investment in RWG was valued at $69.2 million as of the end of December 2023.
Wood plans to use the net proceeds from the transaction to reduce its debt and support general corporate purposes.
Founded and headquartered in Aberdeen, Wood employs around 35,000 people in 60 countries and provides consulting, projects and operations solutions across the energy and materials markets.
