John Wood To Sell Amec Foster's North American Nuclear Operations

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LONDON (Alliance News) - Engineering oil field services company John Wood Group PLC said Monday it has entered into an agreement to sell Amec Foster Wheeler's North American nuclear operations to Canadian energy consultancy Kinectrics Inc for around CAD10 million in cash.

John Wood completed its GBP2.20 billion all-share acquisition of acquisition of Amec Foster Wheeler in October.

The business being sold consists of Amec Foster Wheeler's nuclear operations in Canada and the US together with a small operation in Romania.

The sale of Canadian and US operations is expected to close in the fourth quarter of 2017. Sale of Romanian assets is expected to close early in 2018.

In June, Amec Foster Wheeler said it had decided to proceed only with the disposal of North American business and retain European nuclear business. In 2016, the North American nuclear operations recorded revenue of GBP83 million and trading profit of GBP1 million.

Shares of John Wood Group were untraded at 734.00 pence in early trade.

By Tapan Panchal; [email protected]

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