Wood Group and Siemens have completed the formation of its £685million gas turbine super-firm.
The engineering joint venture between the Scots and the Germans, which marries the maintenance and power solutions arm at Wood Group’s GTS division and Siemens’ Turbocare business unit, has been called EthosEnergy
The firms announced the establishment of the firm after getting the green light from both the US Department of Justice and European Union last month. The deal was initially unveieled in October last year.
Mark Dobler, the chief executive of Wood Group’s Gas Turbine Services (GTS) division h taking the top job at the newly formed group.
Neil Sigmund, previously chief executive of Siemen’s TurboCare division, has been appointed Mr Dobler’s deputy. Chris Watson, previously chief financial officer of Wood Group GTS has also taken over the same role at Ethos. The company will have its primary offices in Houston, Aberdeen and Orlando, Florida.
The firm will have around £627million of revenues and around 4,500 employees around the world.
The venture will be an independent service provider specialising in rotating equipment service for the power, oil & gas and industrial sectors.
Mr Dobler said: “This joint venture will allow us to offer a wide range of capabilities in the areas of asset operations, maintenance, risk management and life cycle optimisation, as well as aftermarket design, repair and manufacturing. The combination of these two complementary and capable businesses creates scale across our customers’ portfolio.
“EthosEnergy’s top priorities continue to be the safety of our people and delivering a high quality service. We will take an innovative approach to building long lasting relationships and being a valued business partner to our customers.”
The joint venture is expected to deliver annual cost savings to Aberdeen’s Wood Group of around £9.4million within three years.