Aberdeen Oil and gas giant Wood Group sold to Dubai engineering firm for £216m

Aberdeen-based Wood Group Plc has been sold to an engineering firm in Dubai for £216m.

Shareholders of the multinational oil and gas services company voted in favour of accepting the offer from Sidara, a privately held network of engineering and design companies run from the United Arab Emirates, on Monday night.

The deal has been ongoing for some time, with several twists and turns along the way.

In September, Sidara tabled a formal bid to acquire Wood Group for £216m, or 30p per share, which was far short of a previously rejected offer from Sidara which valued the firm at almost £1.5bn in 2024.

The offer was lowered amid ongoing difficulties at the debt-ridden business.

Earlier this year, a review found what it described as material weaknesses and failures in the Group’s financial culture.

Wood said it had to adjust its accounts for the past three financial years after the review.

The statement in March said: “The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood’s auditors.”

The company said it wouldn’t publish some of its accounts on time, and its shares were suspended.

It has since published those accounts, which show tens of millions of losses so far this year.

The firm then asked shareholders to temporarily waive borrowing limits for the firm to help try to push through the Sidara deal.

Amid all of these troubles, Wood Group shareholders recommended that the company accept the latest offer from the Dubai firm.

The board met on Monday to discuss the possibility of a takeover, and STV News has confirmed that investors voted in favour of the £216m Sidara buy-out.

The oil and gas engineering company will also be losing its CEO following the decision.

In an update to shareholders in October, Kris Gilmartin announced that he intended to step down as CEO and board director after the shareholder meeting on Monday.

Iain Torrens, currently the group’s interim group chief financial officer, will take on the CEO role immediately after Mr Gilmartin’s departure.

Mr Torrens previously said: “It’s a privilege to lead Wood and our exceptional global team of over 35,000, who have remained committed to delivering for our clients through a difficult period.

“My immediate priority is delivering our full-year 2024 audited accounts and half-year 2025 results so we can move forward with clarity. I’m grateful for the opportunity to support our people, drive performance, and strengthen client confidence as we shape a resilient, growth-focused future for Wood.”