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 in Sidarra-based in Dubai (formerly known as Dar Group), which the Scotland firm said will help resolve its “ lquidity challenges near the term. ”
By virtue of the agreement that 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 cash for the economic firm. The agreement followed the last extensions of time this year in Sidarra, which was a considerably lower price since negotiations began.
Wood Group revealed earlier this year that an independent review of its accounting and corporate governance that has delayed the publication of the end results of 2024 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.
“The current capital structure of the Wood group is unsustainable,” the company’s advice said in a statement. The acquisition “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 for January 7, 2026, when shareholders will vote on acquisition. “It is the unanimous view of the wooden board that this is the best option for all parties interested,” Franklin 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.
“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 their north -American transmission and distribution engineering business for $ 110 million to The Service Services Service Qualus, as it aims to eliminate non -fundamental companies to reduce debt. This agreement will close later this year, said Gilmartin.
