John Wood Group’s revenues rise as Apollo deal deadline looms
John Wood Group said on Thursday its quarterly revenue rose on the back of a steady demand across its business units, while investors awaited clarity on the British oilfield services and engineering firm’s buyout offer from Apollo Global.
Wood Group reiterated that U.S. private-equity firm Apollo is required to announce a firm intention to make an offer by May 17, sticking to the deadline announced last month when the British company said it would hold talks on the final proposal.
Last month, Apollo had proposed a final buyout price of 240 pence per share after Wood Group rejected four proposals from the investment firm.
The final buyout price values the takeover target at about £1.66bn ($2.1bn).
Wood Group, which provides consultation, management of assets and engineering services for the energy and materials sector, said its first-quarter revenue rose to $1.45bn and adjusted profit was in line with expectations.
“The order book for delivery in 2023 has continued to build and is up significantly on the position a year ago,” Wood Group said.
Reuters – Eva Mathews