On October 8, 2013, John Wood Group PLC and Siemens AG entered into an agreement to form a joint venture consisting of the Maintenance and Power Solutions businesses of Wood Group GTS and Siemens’ TurboCare business unit.
Wood Group GTS
The GTS division of Wood Group was established over 30 years ago and grew to be a leading independent provider of rotating equipment services and solutions for clients in the power and oil & gas markets.
Worldwide, these services included: power plant engineering, procurement and construction; facility operations & maintenance; repair & overhaul, optimization and upgrade of gas, steam turbines, pumps, compressors and other high-speed rotating equipment.
‘Turbo Services Network’ was established in 1998 as an independent service provider with TurboCare Inc being acquired in 2001. The business grew from here through various acquisitions before all businesses were re-branded under ‘TurboCare’ and established as a business unit within Siemens in 2006.
The company had a strong history in providing comprehensive service solutions for rotating equipment (gas and steam turbines, generators, and compressors) manufactured by all major OEMs.
Why a joint venture?
EthosEnergy will be a differentiated, integrated rotating equipment service provider to the power generation, oil & gas and industrial sectors. It will benefit from the complementary strengths of Wood Group and Siemens in rotating equipment aftermarket services.
Wood Group has depth and experience in asset operations, maintenance, risk management & life-cycle optimization, and power plant construction services, and has a strong presence in oil & gas and process industries. TurboCare has primarily operated in the power generation segment, offering aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services. EthosEnergy will have greater capability, market reach and an expanded global footprint.
After receiving regulatory approval for the deal, EthosEnergy was formed on May 06, 2014.
Wood Group is an international energy services company with over $7bn sales. The Group is built on our Core Values and has two reporting segments – Wood Group Engineering and Wood Group PSN - providing a range of engineering, production support and turbine services to the oil & gas, and power sectors. www.woodgroup.com The Siemens Energy Sector is the world's leading supplier of a complete spectrum of products, services and solutions for power generation in thermal power plants and using renewables, power transmission in grids and for the extraction, processing and transport of oil and gas. In fiscal year 2013 (ended September 30) the Energy Sector had revenues of EUR 26.6 billion and received new orders totaling approximately EUR 28.8 billion, and posted a profit of approximately EUR 2.0 billion. On September 30, 2013, Siemens' Energy Sector had a workforce of about 83,500. Further information is available at: http://www.siemens.com/energy