Update on Commercial Arrangement Discussions wi...
13 May 2011
Update on Commercial Arrangement Discussions with GE Energy Manufacturing Inc
("GE")
In connection with the disposal of the Well Support division, John Wood Group
PLC ("Wood Group") and GE agreed to discuss the possibility of some commercial
co-operation in part of Wood Group's gas turbine activities.
Such negotiations have not resulted in agreement of a mutually acceptable
commercial co-operation and GE will therefore pay Wood Group an additional
$50m, in line with the agreement of 14 February.
- ends -
Notes to editors:
Wood Group is an international energy services company with $5.5bn revenues,
employing around 34,000 people and operating in 50 countries. The Group has
three businesses - Engineering, Wood Group PSN and Gas Turbine Services -
providing a range of engineering, production support, maintenance management
and industrial gas turbine overhaul and repair services to the oil & gas, and
power generation industries worldwide.
www.woodgroup.com
Enquiries:
Wood Group
Nick Gilman / Carolyn Smith 01224 851 000
Brunswick
Patrick Handley 020 7404 5959
Nina Coad
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