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.
An independent audit that Wood Group ordered its accounting, and its corporate government found “weakness and material failures” in company operations, the United Kingdom signature revealed earlier this year, which has delayed the publication of the results of its year 2024 and provoked a probe separated by the financial regulator of the United Kingdom. Wood Group’s shares have been suspended from the negotiation since May 1 on the London Stock Exchange. The problems also led to a considerably lower SIDAR purchase offer 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 This acquisition attempt occurred one year after the private capital firm Apollo Global Management withdrawn a announced purchase offer of $ 2.1 million.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.
According to the company, President Roy Franklin left on January 7, when shareholders will vote for 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 intended to keep 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 Firm, as it aims to spill non-fundamental companies to reduce debt. This agreement will close later this year, said Gilmartin. Wood Group will also end a transaction in early 2026 to sell its 50% participation in a joint gas 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 oil supply operations in the Conca and Eagle Ford Shale regions, both in Texas. Financial terms were not disseminated.
Wood Group also sold his environmental consulting business at WSP Global by $ 2022 for $ 1.8 billion, with about 5,500 transferred employees.
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 updates to the Habshan gas installation, with the scope of the project to include substantial updates and unmistling of unpacking to existing gas processing complexes and channels that will be completed by 2027. The most important gas processes in the world, according to the world of the gas surface.
Thai Oil Public Co. Ltd. He also recently named Wood Group to provide CM Consulting and Supervisory Engineering Services for his dear main expansion of $ 5 million refinery in Thailand to produce higher quality transport fuel in 2028, which also includes the selection of a new project EPC contractor. The contractors Bechtel and JGC Corp were identified as main candidates, said that the Kaohoon International and S&P Global financial information sources.
Wood also won in recent weeks an extension of two -year -old two -year contract, with more cost of the oil giant for Brownfield EPC services in its assets on the ground and outside the United Kingdom, and one of three years of non -disseminated value of the Norway Energy Developer Equinor for his north Kingdom Field on the North Sea in the North Sea in the North Sea.
