Troubled firm Wood says new North Sea contracts will support 500 Aberdeen jobs
Troubled Aberdeen firm Wood has secured three North Sea contracts worth around £88 million.
The engineering group will continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International's UK business.
Wood shares are currently suspended after the group did not file its accounts for the 2024 financial year in time.
It is undergoing an independent review, which has already highlighted 'inappropriate management pressure' as well as issues with project contracts.
The contracts will continue to be supported by around 500 employees in the north-east. Aberdeen firm's 'unmatched legacy'
Wood president of operations Steve Nicol said the firm has an 'unmatched legacy' in operating and maintaining North Sea energy infrastructure.
Its contracts will see it support operations for an 'extensive' offshore portfolio including Shell UK's Shearwater, Nelson and Penguins assets.
Mr Nicol said: 'Our long-standing clients continue to partner with us to enhance operations.
'And improve production efficiency to ensure a reliable, safe and sustainable energy supply. Steve Nicol, Wood's president of operations. Image: Wood
'In 2024 we secured 100% of our contract renewal and extension options across our UK North Sea portfolio.
'And continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.' Wood shares suspended as takeover talks continue
Last week, Wood issued a statement confirming that its accounts wouldn't be published in time.
It said: 'As a result, Wood's shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1 until its FY24 results are published.'
Wood said temporary retrospective waivers for its debt facilities have been extended until June 30 2025. Aberdeen-based Wood Group has secured extensions to three North Sea contracts. Image: Kenny Elrick/DC Thomson
It is the latest setback for the firm, which is the subject of a fresh takeover bid from Dubai-based group Dar Al-Handasah, known as Sidara, made in February.
The deal would be worth 35p per share – around £242m in total.
It would also see a further £340m injected into Wood after Sidara confirmed it made 'significant progress' with due diligence.
Wood's share price is suspended at 18.2p.
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