Wood Group Confirms Establishment Of Gas Turbine Services JV With Siemens

(RTTNews) - John Wood Group Plc. (WDGJF.PK, WG.L) confirmed that following satisfactory receipt of relevant regulatory approvals, its gas turbine services joint venture with Siemens AG (SI), to be known as EthosEnergy, was established today.

EthosEnergy consists of the Maintenance and Power Solutions businesses of Wood Group GTS and Siemens' TurboCare business unit which provides aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services.

Ethos Energy is owned 51 percent by Wood Group and 49 percent 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.