Energy service giant Wood has completed the sale of its stake in TransCanada Turbines to joint venture partner TC Energy for £51 million.
Aberdeen-headquartered Wood will use the cash proceeds to reduce debt and accelerate progress towards Wood’s target leverage.
TransCanada Turbines delivers overhaul, repair and maintenance services on industrial gas turbines for an international client base.
It is headquartered in Calgary, Alberta with field service offices across the globe.
Chief financial officer David Kemp said: “Our focus on portfolio optimisation is driven by our strategic objective of building a premium, differentiated, higher margin business focused on energy and built environment markets.
“The sale of our interest in TransCanada Turbines will also make a positive contribution towards achieving our leverage target.”
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