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Wood Group enters joint venture with Siemens for gas turbines

Reuters - UK Focus

LONDON, Oct (KOSDAQ: 039200.KQ - news) 9 (Reuters) - British energy services firm Wood Group said on Wednesday it had entered into a joint venture with Siemens AG (TLO: SIE.TI - news) to provide services for gas turbines, in order to strengthen the division which has suffered delays this year.

Wood Group said in the statement the joint venture was expected to deliver annual net synergies to Wood Group of around $15 million within three years of starting early next year.

The shareholding of the venture will be split 51 percent Wood Group to 49 percent Siemens.

The head of Wood Group gas turbines division, Mark Dobler, will transfer to and lead the joint venture.