After more than a year of multiple offers and prolonged negotiations, the engineer-contractor Wood Group agreed on August 29 to an acquisition of $ 292 million by Sidarra, formerly known as Dar Group, that the signature of energy services based in Scotland said that he would help resolve his “ short-term liquidity challenges ”.
By virtue of the agreement, which will be completed in the first half of 2026, SIDARA will assume $ 1.6 billion of Wood Group debt and will provide $ 450 million in the economic firm. The agreement followed the last of several extensions of time this year in Sidarra for a purchase offer.
Wood Group had reported $ 5.7 billion in February by 2024 income. Sidarra is at number 21 on the ENR list of the 150 best world design companies, which reported a total of $ 2.6 billion in world revenue last year, all of the work outside the United Arab Emirates.
Wood Group revealed by the beginning of the year that an independent audit of Deloitte who ordered his accounting and corporate governance, which found “weakness and material failures” in the company’s operations, delayed the publication of the results of his 2024 year and caused a probe separated by the financial regulator of the United Kingdom. Wood’s shares have been suspended from the negotiation since May 1 on the London Stock Exchange. Problems also involved a considerably lower price since negotiations began, and liability problems took place.
The company rejected several highly valued proposals for Sidarra in 2024, which exceeded $ 1.93 billion, arguing that they “undervalued the company and its perspectives”, before the sign of the United Arab Emirates moved away from the negotiations. This acquisition attempt occurred one year after the private capital firm Apollo Global Management withdrawn a announced offer of purchases of $ 2.1 million.
“The current capital structure of the Wood group is unsustainable,” the company’s advice said in a statement. The current acquisition agreement “represents the best option for its shareholders, creditors and wider interest groups,” he said, emphasizing that he intends to “unanimously recommend” that shareholders vote on the proposal.
President Roy Franklin is scheduled that on January 7, 2026, when shareholders will vote on the acquisition, according to the company. “It is the unanimous view of the wooden board that this is the best option for all parties interested,” he said in a statement.
“This transaction allows us to strengthen relationships with customers, expand to new markets and serve a wider range of global clients,” said Sidarra CEO Talal Shair. “In the short term, our additional financial support will provide greater stability, but our vision is that the wood has the leadership in energy and materials.”
He said that Wood Group would become the Sidarra Energy and Materials Division and intend to retain his brand.
Chapter Chapter ‘
“This ad brings us closer to a difficult chapter in Wood’s history,” said CEO Ken Gilmartin. “The acquisition will solve our short -term liquidity challenges and will strengthen the long -term company.”
The purchase agreement followed the Wood Group agreement, also on August 29, to sell its US transmission and distribution engineering business for $ 110 million to the Qualus Energy Services Services firm, as it aims to have non-fundamental companies to reduce debt. This agreement will close later this year, said Gilmartin. Wood Group will also close an agreement in early 2026 to sell 50% participation in a joint gas turbine maintenance company in Siemens Energy Global for $ 135 million in cash, said the engineer. The Louisiana, Danos Energy Services Services has also bought the Wood Group oil and gas supply operations in the Permian basin and the Eagle Ford Shale region, both in Texas. The financial terms of the agreement were not disseminated.
Despite his financial challenges, Wood Group has continued to be a competitor in the world energy sector.
The firm won an EPCM contract of $ 2.8 billion earlier this year of DNA DNOC LTD., owned by Abu Dhabi, for its updates to its Habshan gas installation. Wood provided for about $ 400 million in revenue through its services, with the scope of the project to include substantial updates and unmolding the Habshan and Habshan 5 existing gas processing modifications, including Brownfield modifications and the installation of new facilities.
Habshan is one of the largest gas process complexes in the world, according to Adnoc. The scope of the project will be completed by the end of 2027.
Thai Oil Public Co. Ltd. He has also recently appointed Wood Group to provide CM Consulting and Supervisory Services for his beloved main expansion of $ 5 million refinery in Thailand to produce higher quality transport fuel in 2028, also include selecting a new EPC contractor with contractors Bechtel and JGC Corp. Appointed as major candidates
Wood also gained an extension of two -year -old two -year -old two -year -old oil from the giant oil for the Brownfield EPC services for his assets on the coast and outside the United Kingdom, according to the engineer in early August.
