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.

Not to be confused with Wood Mackenzie.

John Wood Group plc
TypePublic limited company
ISINGB00B5N0P849
IndustryEnergy and Materials
Founded1982
FounderIan Wood
HeadquartersAberdeen, Scotland, UK
Key people
  • Roy Franklin (Chairman)
  • Ken Gilmartin (Chief Executive)
ProductsEngineering and consulting
RevenueIncrease US$5,442.2 million (2022)[1]
Increase US$95.2 million (2022)[1]
Decrease US$(351.7) million (2022)[1]
Number of employees
35,000 (2023)[2]
Websitewww.woodplc.com

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

References
  1. "Annual Results 2022" (PDF). Wood Group. Retrieved 28 March 2023.
  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. "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.
  6. "Wood Group confirms signing of Mustang deal". European Power News. September 2000. Retrieved 7 April 2017.
  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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