Wood Group and Siemens Energy Service have received all the necessary regulatory approvals to close the previously announced joint venture between the Gas Turbine Services (GTS) business of Wood Group and the Siemens Energy Service TurboCare business unit.
The new joint venture, called EthosEnergy, will be a leading independent service provider of rotating equipment service for the power, oil & gas and industrial sectors.
EthosEnergy combines two organisations with complementary strengths, customers and geographic exposure, and will benefit from combining technical know-how. With these attributes, EthosEnergy aims to deliver a new standard of service excellence with a broader portfolio, increased global reach, greater choice, flexibility and responsiveness, and well-engineered value-added solutions.
Mark Dobler, EthosEnergy CEO, 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.”
EthosEnergy will continue to build upon the existing business models of both Wood Group GTS and TurboCare. Wood Group GTS’s business model has focused on contractual backlog created by offering value-added solutions and risk management. When this is added to TurboCare’s repair and manufacturing expertise and workshop facilities, we can truly offer fully integrated, world-class services to our combined customer base.
The EthosEnergy leadership team is comprised of executives from both shareholders. Mark Dobler, previously CEO of Wood Group GTS, has been appointed CEO of EthosEnergy. Neil Sigmund, previously CEO of TurboCare, has been appointed deputy CEO, and Chris Watson, previously CFO of Wood Group GTS, will serve as CFO of EthosEnergy. The company will have its primary offices in Houston, Texas, USA; Aberdeen, Scotland; and Orlando, Florida, USA.