It is formally known as the John Wood Group, and will return to that branding under Sidara.<\/p>\n
Sir Ian Wood, who built up the family firm from its roots in fishing boat repair, retired as chairman 13 years ago. <\/p>\n
He then focussed on philanthropy in Africa and Scotland along with co-ordinating support for the wider Aberdeen energy economy and city centre.<\/p>\n
In 2017, his former company took over an American rival, AMEC Foster Wheeler, along with its large debt and legacy problems with legal disputes.<\/p>\n
Wood sought to diversify, adding to the range of services it provided for oil and gas production, venturing into engineering of refineries, chemical plants, urban design and renewable energy. <\/p>\n
However, it suffered from contractual conditions that cost it dear.<\/p>\n
Last year, Sidara said it planned to bid \u00a31.6bn to take over the company but then walked away from the deal, citing market uncertainty.<\/p>\n
When the Dubai partnership returned earlier this year, it offered a small fraction of last year’s proposal, later cutting it still further to \u00a3216m. <\/p>\n
In addition, Sidara has said it will inject $450m (\u00a3342m) into Wood.<\/p>\n
The company has sold several subsidiaries to raise funds. It recently said it had 35,000 employees in more than 60 countries. Despite its financial problems, its reputation for engineering has continued to win contracts.<\/p>\n
The new owner has said it intends to develop the Wood brand as its engineering and materials division.<\/p>\n
Its chief executive since 2022, Ken Gilmartin, said he would step down after the deal was approved, to be replaced by Iain Torrens, the chief finance officer. <\/p>\n
The Wood chairman since 2019, Roy Franklin, has also said he intends to step down.<\/p>\n","protected":false},"excerpt":{"rendered":"It is formally known as the John Wood Group, and will return to that branding under Sidara. Sir…\n","protected":false},"author":2,"featured_media":20854,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[51,16,15],"class_list":{"0":"post-576852","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-uk","10":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115566942210882433","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/576852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=576852"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/576852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/20854"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=576852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=576852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=576852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}