John Wood Group plc, commonly known as Wood, is a British
multinational engineering and consulting business with headquarters in
Aberdeen, Scotland. It is listed on the
London Stock Exchange as well as being a constituent of the
FTSE 250 Index
The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, Septemb ...
.
History
The business was founded by
Ian Wood in 1982, when it split away from JW Holdings, the largest fishing company in Scotland.
JW Holdings had diversified into the energy services business at the outset of the
North Sea oil industry in the early 1970s.
The company acquired Mustang Engineering Inc, an engineering business based in
Houston,
Texas in September 2000.
In 2002 the company was listed on the
London Stock Exchange.
In March 2017, the company announced it would acquire its rival,
Amec Foster Wheeler
Amec Foster Wheeler plc was a British multinational consultancy, engineering and project management company headquartered in London, United Kingdom. In October 2017, it was acquired by Wood Group.
It was focused on the Oil, Gas & Chemicals, M ...
, in an all stock deal, valued at approximately £2.2 billion.
The transaction was completed on 9 October 2017.
In 2020 the nuclear business, mostly decommissioning work at
Sellafield
Sellafield is a large multi-function nuclear site close to Seascale on the coast of Cumbria, England. As of August 2022, primary activities are nuclear waste processing and storage and nuclear decommissioning. Former activities included nucle ...
, was sold for £250 million to the US
Jacobs Engineering Group which has a global nuclear business. The sale will reduce company debt and supports its increasing focus on growing areas like
renewables
Renewable energy is energy that is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy ...
.
The company announced in February 2022 that it would make a loss of approximately US$222million on an anti-missile defence facility for the
United States Army Corps of Engineers.
In June 2022, the company announced the sale of its built environment consulting business to
WSP Global Inc for approximately US$1.9billion.
Later that month, Wood appointed Ken Gilmartin as its new CEO. Gilmartin joined company in August 2021 as Chief Operating Officer following a 15-year career at
Jacobs
Jacobs may refer to:
Businesses and organisations
*Jacob's, a brand name for several lines of biscuits and crackers in Ireland and the UK
*Jacobs (coffee), a brand of coffee
* Jacobs Aircraft Engine Company, former American aircraft engine compan ...
.
Operations
Wood provides consultation, management of assets and engineering services for the energy and materials sector.
See also
*
List of oilfield service companies
*
Sigma3
SIGMA 3 (North Sea) Ltd was a joint venture between Wood Group Engineering (North Sea), AMEC, and PSN (formerly KBR, a Halliburton Company) set up as the Integrated Services Contractor on behalf of Shell Expro in the North Sea
The North S ...
(2001-2018)
References
External links
Official website
{{Authority control
Engineering companies of Scotland
Energy engineering and contractor companies
Oilfield services companies
Companies based in Aberdeen
Energy companies established in 1982
Non-renewable resource companies established in 1982
1982 establishments in Scotland
Companies listed on the London Stock Exchange
British companies established in 1982
2002 initial public offerings