Update on Gas Turbine Services JV With Siemens AG
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Update on Gas Turbine Services JV With Siemens AG
07 May 2014
7 May 2014
Re Joint Venture
John Wood Group PLC (the "Company")
UPDATE ON GAS TURBINE SERVICES JOINT VENTURE WITH SIEMENS AG
Following satisfactory receipt of relevant regulatory approvals, Wood Group
confirms the establishment today of its gas turbine services joint venture with
Siemens AG, to be known as EthosEnergy.
As previously announced:
EthosEnergy consists of the Maintenance and Power Solutions businesses of Wood
Group GTS (including its 49% stake in Wood Group Pratt & Whitney but excluding
its Rolls Wood Group, TransCanada Turbines and Sulzer Wood joint ventures), and
Siemens' TurboCare business unit which provides aftermarket gas turbine, steam
turbine and generator design, repair and manufacturing services.
Ethos Energy is owned 51% by Wood Group and 49% by Siemens. As a result, all
Wood Group's predominantly opex related gas turbine activities are now in joint
ventures and will be reported within the Wood Group PSN division.
Notification authorised by:
Robbie M.B. Brown, Company Secretary
Enquiries:
For further information, please contact:
John Wood Group PLC
Andrew Rose
01224 851000