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Scottish energy engineering giant

  • BFM
  •    
  • 23 days-ago

Meanwhile Wood, the Scottish energy engineering giant, has announced the sale of a division that advises clients on engineering of buildings and infrastructure.

The Built Environment consultancy is being sold for £1.5bn. It has 100 offices, most of them in the US, and employs around 5,500 staff.

This reduces Wood’s debt and allows the Aberdeen-based firm to focus more on sustainable energy and the transition from oil and gas, having previously retreated from being a leading global supplier of oilfield services.

In a further major deal involving Scottish energy sector firms, KCA Deutag announced it was buying the onshore drilling division of Saipem

The Aberdeen-based buyer is paying $550m (£440m) while Saipem gains a 10% stake in KCA Deutag.

The Italian engineering company wants to focus on offshore drilling.

The Saipem unit operates in 13 countries with about 4000 people and with 83 land rigs. The Scottish firm has 110 rigs and more than 8,000 people operating in 20 countries.

KCA Deutag last year had revenue of $1.2bn (£960m) and pre-tax earnings of $237m (£190) while Saipem onshore drilling generated revenue of $410m (£330m), much of that from the Middle East and Latin America.

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