Aberdeen's Wood Group has published its FY2024 and HY2025 results representing a "significant milestone" as its proposed takeover by Sidara moves closer.
Publication of the results before the end of October satisfies a condition of the takeover, allowing a shareholder meeting and vote on the week beginning November 17 to go ahead.
If approved, the transaction will bring a $450million cash injection, unlock an extension of Wood's current debt facilities, and provide additional liquidity.
Sidara would facilitate an initial capital injection of $250million following a successful shareholder vote, providing near-term liquidity support ahead of the transaction completing which we expect to occur in the first half of 2026.
Publication of the financial results could also mean Wood shares will shortly be listed on the London Stock Exchange once more.
Shares have been suspended since the beginning of May as the energy services giant failed to publish its results on time.
But the firm is now expected to apply for readmission of shares to listing shortly.
More information on the FY2024 results can be found on Wood's website.
Meanwhile the firm's HY2025 data reveales it made a $72million (£59million) first-half loss.
Ken Gilmartin, CEO, said: "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. These efforts supported growth in our order book to $6.5 billion, reflecting continued confidence in our ability to deliver complex consulting, engineering, and operations solutions at scale."
Iain Torrens, Interim CFO and incoming CEO, said: "As we near the close of this challenging chapter in Wood's history and look to enter this next period, we are focused on strengthening the Company while still delivering high-quality work for our clients. Importantly, we are progressing the Sidara acquisition of Wood, which will provide greater stability for Wood, open new opportunities for our employees and support long-term growth."
FTSE100
The UK's flagship share index, the FTSE 100, was up 13 points at 9,733 shortly after opening this morning.
Brent crude oil futures were up 0.27% at $64.15 a barrel.