This includes $125m (c. £95m) in cash upon completion and up to $42m (c. £32m) from loan notes issued by EthosEnergy.

EthosEnergy, a joint venture with Siemens Energy AG, will be sold to One Equity Partners. CEC Controls will be acquired by SCIO Automation Group. The transactions are expected to close later in 2024, subject to approvals.

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.”