Oil and gas giant Wood plc sold to Dubai engineering firm

The Scottish company large that has performed a number one position all through Aberdeen’s oil and gasoline period is being taken over.Aberdeen-based Wooden plc has seen its worth plummet and was liable to collapse. It’s to turn into a part of Sidara, a global engineering and design agency primarily based in Dubai.A shareholder vote on Monday backed the takeover provide with 88% of votes forged after months of delay, whereas Wooden struggled to agree its accounts with its auditor.These have been ultimately revealed on 30 October, exhibiting a pre-tax lack of greater than £2bn and proof that the auditor was nonetheless not glad with the figures going again a number of years.In recommending the provide to shareholders, the board of administrators suggested that any different try to refinance the debt-laden firm would lead to a decrease valuation or nothing in any respect for buyers.At its peak in 2013, Wooden reached a market valuation of greater than £5bn and employed greater than 50,000 individuals in oilfields all over the world.It’s formally generally known as the John Wooden Group, and can return to that branding beneath Sidara.Sir Ian Wooden, who constructed up the household agency from its roots in fishing boat restore, retired as chairman 13 years in the past. He then focussed on philanthropy in Africa and Scotland together with co-ordinating assist for the broader Aberdeen power economic system and metropolis centre.In 2017, his former firm took over an American rival, AMEC Foster Wheeler, together with its giant debt and legacy issues with authorized disputes.Wooden sought to diversify, including to the vary of companies it supplied for oil and gasoline manufacturing, venturing into engineering of refineries, chemical vegetation, city design and renewable power. Nonetheless, it suffered from contractual circumstances that value it expensive.Final yr, Sidara stated it deliberate to bid £1.6bn to take over the corporate however then walked away from the deal, citing market uncertainty.When the Dubai partnership returned earlier this yr, it supplied a small fraction of final yr’s proposal, later chopping it nonetheless additional to £216m. As well as, Sidara has stated it can inject $450m (£342m) into Wooden.The corporate has bought a number of subsidiaries to lift funds. It just lately stated it had 35,000 workers in additional than 60 nations. Regardless of its monetary issues, its fame for engineering has continued to win contracts.The brand new proprietor has stated it intends to develop the Wooden model as its engineering and supplies division.Its chief government since 2022, Ken Gilmartin, stated he would step down after the deal was accepted, to get replaced by Iain Torrens, the chief finance officer. The Wooden chairman since 2019, Roy Franklin, has additionally stated he intends to step down.