Jacobs Engineering has sold off its 10% stake in energy services giant Worley for £267 million.
The company first received the shares in 2019 as Worley took on its energy, chemicals and resources (ECR) division in April that year.
Jacobs was released from a lockup on its 9.85% holding in December 2019, and the firm said it expects to complete its sale by September 20.
The sale is being carried out via a block trade by investment bank Citi, according to the Financial Review.
Worley (WOR) shares are down 2.3% today to $9.79 (AUS) on the Australian Stock Exchange. The price is down 4.67% since Monday.
Worley CEO Chris Ashton said: “We welcome the shareholders who will join our register.”
Back in 2019, Worley said the Jacobs acquisition brings together a highly skilled oil and gas workforce in Aberdeen and The Hague, the chemicals sector in Belgium and Germany and the UK’s minerals industry.
The firm said cost savings through synergies of between £70.8m and £87.2m would be made over the following two years.
The company posted its full year results for 2021 in August, with pre-tax profits of £77.7m for the 12 months to June 30, down 45% from 2020’s figure of £141.1m.