Wood has reached agreement to dispose of its 50% interest in the Voreas S.r.l wind farm joint venture in Italy for a cash consideration of around $27m. Wood’s share in the joint venture generated EBITA of around $3m in the year to 31 December 2017.
The disposal is subject to a number of conditions precedent and is expected to complete in the fourth quarter of 2018.
This transaction makes a significant contribution to our non-core asset disposal programme which is a key element of our deleveraging plan.
David Kemp, Wood chief financial officer