On October 31, UK energy engineer and contractor Wood Group published financial results for 2024 and the first half of 2025 that had been delayed since last spring by an independent audit of its accounting and governance, but were due to complete its proposed $285m takeover 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 the same period in 2024, excluding $53 million for exceptional items, with revenue of $2.4 billion that fell 13% from $2.8 billion a year earlier.
Results for 2024 were substantially below the guidance given in February. Adjusted earnings fell 52% from the same period in 2024, with an expected loss of $489 million on completion of a US defense project in Poland contributing to its $2.6 billion operating loss. Wood Group’s net debt rose to $1.1 billion, up from $683 million at the end of last year.
But the company’s new interim chief financial officer, Iain Torrens, who will become chief executive after Sidara shareholders vote on the deal on November 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 customers such as BP, Shell, Total Energies, Woodside’s Triton project, OMV Petrom and Antofagasta.
The company “is well-positioned to benefit from significant long-term growth drivers” in the global energy and materials markets, he said. the purchase which will be completed by mid-2026, will include a funding infusion of $250 million from Sidara and access to bonds of approximately $200 million.
Wood Group is also seeking to reinstate its listing on the London Stock Exchange,
