Aberdeen-headquartered Wood has announced it is to dispose of two businesses in deals which will collectively raise £125million.
The group has signed agreements for the sale of its stake in EthosEnergy, a joint venture focused on rotating equipment, and CEC Controls, an industrial and process control systems business in the automotive market.
Wood expects net cash proceeds of around £94million from these disposals when they complete, which is expected to be later in 2024.
In addition, Wood will be issued loan notes by EthosEnergy which, on repayment around five years after completion, will generate further proceeds of up to £31million plus interest.
Jennifer Richmond, Wood's Chief Strategy Officer, said: "The sale of these two non-core businesses is further evidence of progress of our strategy. We continue to review Wood's portfolio in line with our strategic priorities to be selective in our markets and capabilities and steadfast in our commitment to simplify Wood and deliver greater cash flexibility.
"There is a strong strategic fit between both these companies and their buyers, and we are confident both businesses will thrive under new ownership."
Wood owns 51% of the EthosEnergy joint venture with its partner, Siemens Energy AG. An agreement by both parties has been reached to sell the complete business to private equity firm, One Equity Partners.
On CEC Controls, Wood has entered into an agreement to sell its equity in the business and its affiliated entity in Mexico to SCIO Automation Group.
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