Wood potential takeover moves step closer as Aberdeen firm agrees new terms
The energy services giant has also announced an extended deadline for Sidara to make its put-up or shut-up offer.
The board is continuing to work with the Dubai firm. It revealed a commercial alignment on the headline terms of the proposed refinancing.
If the holistic non-binding conditional proposal were to move forward, Wood's board would 'be minded to recommend' the offer to shareholders.
Sidara's offer sits at 35p per share – around £242 million in total, despite sources revealing it was exploring a cut-price deal.
Wood and Sidara have been 'engaging constructively' with the Aberdeen firm's lenders in relation to debt modifications.
The proposed refinancing is expected to include an extension of Wood's committed debt facilities to October 2028.
It will also see entry into new committed bonding facilities to provide the firm with the capacity to meet its operational bonding requirements.
Wood company secretary John Habgood said: 'Although the company has been in discussions with substantially all of its committed lenders, not all lenders have engaged in relation to the proposed refinancing.'
The firm currently employs around 35,000 staff across 60 countries. Its new deadline for Sidara to make its intentions clear is August 25.
Wood said there is also commercial alignment on the headline terms of a stable platform arrangement.
The board of Wood said it will continue to work with Sidara in relation to pre-conditions of the possible offer.
Sidara is also continuing to make further significant progress with its due diligence on Wood.
The Aberdeen firm also revealed there is no update on when its overdue accounts will be published, with the delay meaning shares in the company remain suspended.
An independent financial review revealed a number of adjustments are required on its accounts for the past three years.
The review, by Deloitte, highlighted 'inappropriate management pressure' as well as issues with project contracts.
The Dubai-based firm has made publication of the accounts a condition of any firm offer it may make.
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