31st Oct 2025 11:00
(Correcting date of shareholder meeting related to possible takeover of John Wood Group PLC.)
(Alliance News) - John Wood Group PLC on Thursday reported delayed 2024 results, alongside its 2025 interim report, as shareholders prepare to vote on the acquisition offer by Sidara.
John Wood is an Aberdeen, Scotland-based oilfield services and engineering consulting firm.
Shareholders are set to vote on the takeover offer from Sidara, an entity controlled by Dar-Al Handasah Consultants Shair & Partners Holdings Ltd. Wood Group announced on Wednesday that it postponed the meeting to the week beginning November 17.
Earlier this month, Chief Executive Officer Ken Gilmartin said he would step down following the vote. He will remain with the company to support its transition.
Iain Torrens, the current interim chief financial officer, will take on the role of CEO after Gilmartin's departure.
The company in August agreed the deal worth 30 pence for each John Wood share, valuing the business at around GBP210 million.
"Having carefully considered the viability of all options, the board believe that the Sidara offer represents the best option available to our shareholders, lenders and wider stakeholders," John Wood said Thursday.
"The acquisition provides certain cash value for Wood shareholders at 30 pence per share, compared to alternative options that the Wood directors believe would likely generate materially less, and potentially zero, value for shareholders," it added.
In its first half ended June 30, John Wood said its pretax loss narrowed to USD67.1 million from USD889.5 million a year ago. Revenue slid 13% to USD2.42 billion from USD2.80 billion.
The order book rose 5.9% to USD6.47 billion from USD6.11 billion.
"While trading in the first half reflected the challenges facing the Group, we continued to secure work across our markets. Against a difficult backdrop, our people have remained focused on delivering excellence for our clients," said CEO Gilmartin.
"These efforts supported growth in our order book to USD6.5 billion, reflecting continued confidence in our ability to deliver complex consulting, engineering, and operations solutions at scale."
In August, John Wood announced the sale to Qualus LLC of its North American business for an enterprise value of USD110 million.
In financial 2024, revenue declined to USD5.16 billion from USD5.48 billion in 2023. Pretax loss from continuing operations was USD2.76 billion, widened from USD151.9 million.
By Aidan Lane, Alliance News reporter
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