Wood Group sells majority stake in Ethos Energy and CEC Controls equity for $165M, aiding in portfolio simplification.

Wood Group, a UK-based energy services company, will sell its majority stake in Ethos Energy and its equity in CEC Controls for $165M. The company expects $125M in net cash proceeds, with extra $42M from Ethos Energy loan notes, by 2024. These non-core business sales are part of Wood's strategy to focus on select markets and simplify its portfolio for greater cash flexibility.