Aberdeen energy services firm Wood has completed the sale of a US business in a $38 million (£29 million) deal as part of a disposal programme aimed at reducing its debts.
In March the firm had agreed the sale of Terra Nova Technologies, which specialises in systems for conveying and handling materials, to Cementation Americas, a business owned by South African mining contractor Murray & Roberts Holdings.
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The sale is part of a programme to dispose of non-core assets which in total is expected to generate $200-$300 million.
Wood today said that the Terra Nova transaction “makes a good contribution to the asset disposal programme”.
In March, Wood reported results ahead of market expectations as it reaped the benefits of its takeover of rival Amec Foster Wheeler.
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But shares in the group fell after it said deleveraging would be more gradual than originally expected this year due to a slower sector recovery in its oil and gas markets. Debt reduction last year was in line with forecasts, down to $1.5 billion from the $2 billion it reached after the Amec deal.
