North Sea billionaire and philanthropist Sir Ian Wood dies aged 84

North Sea billionaire and philanthropist Sir Ian Wood has died aged 84, his family has announced.

One of Scotland’s wealthiest people, who earned his fortune in the oil industry where he built up the engineering and consulting company, Sir Ian’s family said he died peacefully at his home.

The company started as a family fishing business before Sir Ian took over in 1967.

Over the next decades, he formed a separate engineering company servicing the rapidly-growing North Sea oil business.

The Wood family, from left to right, Garreth, Sir Ian, Lady Helen, Nicholas and Graham. Supplied

At its height, the Wood Group was valued at more than £5 billion, carrying out work in the energy industry around the world.

Sir Ian, who retired as chairman of the group in 2012, was knighted in 1994 for services to the oil and gas industry.

He was later made a member of the Order of the Thistle, Scotland’s highest order of chivalry.

His philanthropic work was carried out through the Wood Foundation, which he founded in 2007.

The foundation is involved in a number of investments and charitable work around agriculture and conservation in east Africa, as well as projects in Scotland.

In a statement, his family called him a “devoted husband, father, grandfather and friend”.

The statement read: “While many knew him as an entrepreneur, philanthropist and one of Scotland’s most influential business leaders, those closest to him will remember above all his kindness, generosity, determination and unwavering commitment to his family.

“Despite his many achievements and honours, Sir Ian remained proudest of his family. He was a devoted husband to Lady Helen for 55 years, a loving father to Nic, Graham and Garreth, and grandfather to their 7 children.

“He was not only a source of wisdom, encouragement and strength to his family, but to so many others who knew him.

“The family would like to express their heartfelt gratitude to the healthcare professionals who cared for Sir Ian and to the many people and colleagues around the world, who have offered support, friendship and kindness throughout his life.

“Sir Ian’s legacy will live on through the countless lives he touched, the organisations he helped
build and the values he championed throughout his life.

“The family respectfully requests privacy at this time as they mourn his loss. May the tea in Heaven always be ‘extra hot’.”