Wood Group and Siemens’s Turbocare unit are all set to launch a joint venture EthosEnergy that will be an independent service provider of rotating equipment service for the power, oil & gas and industrial sectors.
EthosEnergy will 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. This will be added to TurboCare’s repair and manufacturing expertise and workshop facilities.
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.