Companies
Wood Group Red Ink Revealed Before Nov. 17 Buyout Deal Vote
U.K,-based energy engineer-contractor Wood Group on Oct. 31 released financial results for 2024 and first half of 2025 that had been delayed since last spring by an independent audit of its accounting and governance but were required to complete its proposed $285-million purchase by UAE engineering firm Sidara.
Wood Group reported adjusted operating profit of $63 million in the first half of 2025, down 38% from $81 million in 2024’s same period, not including $53 million for exceptional items, with revenue of $2.4 billion falling 13% from $2.8 billion one year earlier.
Full-year 2024 results were substantially below guidance given in February. Adjusted earnings fell 52% from the 2024 same period, with an expected $489-million loss in completing a U.S. defense project in Poland contributing to its $2.6-billion operating loss. Wood Group net debt rose to $1.1 billion, up from $683 million at the end of last year.
But the firm's new interim CFO Iain Torrens, who is set to become CEO after Sidara shareholders vote on the deal Nov. 17, said Wood Group’s order book rose 6% to $6.47 billion year-on-year as of June 30, with project awards during the year from global energy clients including BP, Shell, Total Energies, Woodside's Triton project, OMV Petrom and Antofagasta.
The firm “remains well placed to benefit from significant long-term growth drivers” in global energy and material markets, he said. The purchase. set to finalize by mid 2026, will include a $250-milion financing infusion from Sidara and access to bonding of about $200 million.
Wood Group also seeks to restore its listing on the London Stock Exchange,
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