John Wood sells wind farm interest for $27m

Oil services firm John Wood said it was selling its 50% stake in the Voreas wind farm joint venture in Italy for $27m ($21.2m) in cash.

Wood's share in the joint venture generated EBITA of around $3m in the year to 31 December 2017. The disposal is expected to complete in the fourth quarter of 2018.

"This transaction makes a significant contribution to our non-core asset disposal programme which is a key element of our deleveraging plan," said Wood chief financial officer David Kemp.