John Wood Group
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.
| Type | Public limited company |
|---|---|
| ISIN | GB00B5N0P849 |
| Industry | Energy and Materials |
| Founded | 1982 |
| Founder | Ian Wood |
| Headquarters | Aberdeen, Scotland, UK |
Key people |
|
| Products | Engineering and consulting |
| Revenue | US$5,442.2 million (2022)[1] |
| US$95.2 million (2022)[1] | |
| US$(351.7) million (2022)[1] | |
Number of employees | 35,000 (2023)[2] |
| Website | www.woodplc.com |
History edit
The business was founded by Ian Wood in 1982, when it split away from JW Holdings,[3] the largest fishing company in Scotland.[4] JW Holdings had diversified into the energy services business at the outset of the North Sea oil industry in the early 1970s.[5]
The company acquired Mustang Engineering Inc, an engineering business based in Houston, Texas in September 2000.[6]
In 2002 the company was listed on the London Stock Exchange.[4]
In March 2017, the company announced it would acquire its rival, Amec Foster Wheeler, in an all stock deal, valued at approximately £2.2 billion.[7] The transaction was completed on 9 October 2017.[8]
In 2020 the nuclear business, mostly decommissioning work at Sellafield, 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.[9]
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.[10]
In June 2022, the company announced the sale of its built environment consulting business to WSP Global Inc for approximately US$1.9billion.[11]
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.[12]
Operations edit
Wood provides consultation, management of assets and engineering services for the energy and materials sector.[13]
See also edit
- List of oilfield service companies
- Sigma3 (2001-2018)
References edit
- ^ a b c "Annual Results 2022" (PDF). Wood Group. Retrieved 28 March 2023.
- ^ "Our business". John Wood plc. Retrieved 18 February 2023.
- ^ Gosden, Emily. "Billionaire Wood Group chairman Sir Ian Wood to retire". The Daily Telegraph. Archived from the original on 12 January 2022. Retrieved 20 July 2017.
- ^ a b "Wood Group Company History and Heritage". woodgroup.com. Retrieved 3 April 2015.
- ^ Darroch, Valerie (31 December 2006). "Boss of the year: Sir Ian Wood reveals the secret of his success as he gets ready for a new role". Sunday Herald. Retrieved 27 April 2008.[dead link]
- ^ "Wood Group confirms signing of Mustang deal". European Power News. September 2000. Retrieved 7 April 2017.[dead link]
- ^ "Wood Group agrees takeover of rival Amec Foster Wheeler". BBC News. 13 March 2017. Retrieved 2 September 2020.
- ^ . City AM. 9 October 2017. Archived from the original on 9 October 2017. Retrieved 9 October 2017.
- ^ Black, Andrew (20 August 2019). "Energy services giant Wood pulls out of UK nuclear". BBC News. Retrieved 28 August 2019.
- ^ "UK's Wood Group to take $100 million charge on Aegis project, delays results". Reuters. 22 February 2022. Retrieved 23 February 2022.
- ^ "Wood to Sell Built-Environment Unit to WSP for $1.9 Billion". www.bloomberg.com. Retrieved 8 November 2022.
- ^ Wright, Scott (21 June 2022). "Aberdeen engineering giant Wood reveals new boss". The Herald. Retrieved 8 August 2022.
- ^ Tani, Shotaro (23 August 2022). "Wood Group order book fills up as clients seek to prolong projects". Financial Times. Retrieved 8 November 2022.
External links edit
- Official website