Wood Group’s issues came to light from November 2024, triggering a 85% plunge in its share price by April 2025 and leading to a share suspension the following month
International News via Reuters:
Britain’s Financial Conduct Authority fined Wood Group nearly 13 million pounds ($17.39 million) on Wednesday for publishing inaccurate information in its financial results for 2022, 2023 and the first half of 2024.
The financial watchdog said following the poor performance of certain projects, the company’s accounting judgments were inappropriately influenced by a desire to maintain previously stated financial results and that it did not have adequate systems or controls to prevent this.
Wood Group’s issues came to light from November 2024, triggering a 85% plunge in its share price by April 2025 and leading to a share suspension the following month. The company agreed to a $292 million takeover by Dubai-based Sidara later in the year.
Sidara had tabled a lowered bid for Wood Group in August 2025, following the regulatory investigation and had made the deal’s completion conditional on the British company publishing its delayed 2024 results and ensuring that certain debt facilities were not terminated.
Wood Group met the regulatory conditions for the deal earlier this week and expects to close the transaction on March 10.
($1 = 0.7477 pounds)
Reporting by Sam Tabahriti in London and Yamini Kalia in Bengaluru; Editing by Kate Holton and Mrigank Dhaniwala
