Mon, 17 Nov 2025

Mon, 17 Nov 2025 Oil and gas giant Wood plc sold to Dubai engineering firm

Shareholders in the Aberdeen-based company overwhelmingly voted to back the takeover offer from Sidara.

* Wood plc, a Scottish corporate giant, has been taken over by Sidara, an international engineering and design firm based in Dubai.
* A shareholder vote backed the takeover offer with 88% of votes cast after months of delay.
* The company's value had plummeted due to its debt and was at risk of collapse, with a pre-tax loss of more than £2bn revealed in its accounts published on October 30th.
* Wood plc will return to its original name, the John Wood Group, under Sidara ownership.
* Sir Ian Wood, who built up the company from scratch, has been involved in philanthropy and other ventures since his retirement as chairman 13 years ago.
* The takeover includes a £216m offer and an injection of $450m (£342m) into Wood plc by Sidara.
* The new owner plans to develop the Wood brand as its engineering and materials division.
* Several executives, including Ken Gilmartin and Roy Franklin, will step down after the deal is approved.
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