John Wood Group

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John Wood Group plc
Company type Public limited company
ISIN GB00B5N0P849
Industry Energy and Materials
Founded1982
Founder Ian Wood
Headquarters Aberdeen, Scotland, UK
Key people
  • Roy Franklin (Chairman)
  • Ken Gilmartin (Chief Executive)
ProductsEngineering and consulting
RevenueIncrease2.svg US$5,900.7 million (2023) [1]
Increase2.svg US$114.2 million (2023) [1]
Increase2.svg US$(105.2) million (2023) [1]
Number of employees
35,000 (2023) [2]
Website www.woodplc.com

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.

Contents

History

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

Wood provides consultation, management of assets and engineering services for the energy and materials sector. [13]

See also

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References

  1. 1 2 3 "Annual Results 2023" (PDF). Wood Group. Retrieved 26 March 2024.
  2. ↑ "Our business". John Wood plc. Retrieved 18 February 2023.
  3. ↑ 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.
  4. 1 2 "Wood Group Company History and Heritage". woodgroup.com. Retrieved 3 April 2015.
  5. ↑ 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 ]
  6. ↑ "Wood Group confirms signing of Mustang deal". European Power News. September 2000. Retrieved 7 April 2017.[ dead link ]
  7. ↑ "Wood Group agrees takeover of rival Amec Foster Wheeler". BBC News. 13 March 2017. Retrieved 2 September 2020.
  8. ↑ "Wood Group completes £2.2bn takeover of Amec Foster Wheeler". City AM. 9 October 2017. Archived from the original on 9 October 2017. Retrieved 9 October 2017.
  9. ↑ Black, Andrew (20 August 2019). "Energy services giant Wood pulls out of UK nuclear". BBC News. Retrieved 28 August 2019.
  10. ↑ "UK's Wood Group to take $100 million charge on Aegis project, delays results". Reuters. 22 February 2022. Retrieved 23 February 2022.
  11. ↑ "Wood to Sell Built-Environment Unit to WSP for $1.9 Billion". www.bloomberg.com. Retrieved 8 November 2022.
  12. ↑ Wright, Scott (21 June 2022). "Aberdeen engineering giant Wood reveals new boss". The Herald. Retrieved 8 August 2022.
  13. ↑ Tani, Shotaro (23 August 2022). "Wood Group order book fills up as clients seek to prolong projects". Financial Times. Retrieved 8 November 2022.
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