It is selling Terra Nova Technologies to Cementation Americas, which is owned by Murray & Roberts Holdings Ltd.
The transaction is expected to close in the second quarter, subject to ‘normal conditions’.
"Terra Nova Technologies has a strong track record in delivering material handling equipment to our customers,” said David Kemp, Wood Group chief financial officer.
“Wood's strategy going forward is to focus on asset light solutions rather than the manufacture/fabrication of equipment.
“The disposal makes a good contribution to our non-core asset disposal programme which is a key element of our deleveraging plan."