Aberdeen-based global engineering group Wood plc said on Monday it has completed the sale of its joint venture interest in TransCanada Turbines to joint venture partner TC Energy for a cash consideration of $67 million.

“The sale forms part of Wood’s focus on portfolio optimisation and the cash proceeds will be used to reduce debt and accelerate progress towards Wood’s target leverage,” said Wood.

David Kemp, Wood’s chief financial officer, said: “Our focus on portfolio optimisation is driven by our strategic objective of building a premium, differentiated, higher margin business focused on energy and built environment markets.

“The sale of our interest in TransCanada Turbines will also make a positive contribution towards achieving our leverage target.”

The TransCanada Turbines business delivers overhaul, repair and maintenance services on industrial gas turbines for an international client base.

It is headquartered in Calgary, Alberta with field service offices across the globe.