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.

The name EthosEnergy has Greek roots - the underlying characteristic spirit of a culture or team – and was chosen because it reflects the importance the business places on its core values and long-term relationships – in everything we do.

About EthosEnergy

EthosEnergy, a joint venture between Wood Group and Siemens’ TurboCare, is a leading independent service provider of rotating equipment services and solutions to the power, oil & gas and industrial markets. Globally, these services include power plant engineering, procurement and construction; facility operations & maintenance; design, manufacture and application of engineered components,
upgrades and re-rates; repair, overhaul and optimization of gas and steam turbines, generators,
pumps, compressors and other high-speed rotating equipment.

About Wood Group

Wood Group is an international energy services company with around $7bn sales, employing about 46,000 people worldwide and operating in 50 countries. The Group has three businesses – Wood Group Engineering, Wood Group PSN and Wood Group GTS providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide.

About Siemens

Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the world's largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled €75.9 billion and income from continuing operations €4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations.