Wood Group chairman Roy Franklin has told shareholders the board is doing "all it can" to steer the firm through a turbulent period at the company's AGM.
The North Sea services giant is navigating a challenging chapter as it recovers from “weaknesses and failures" identified in an independent review of its accounts.
That review led to delays in publishing the company's accounts which in turn meant shares in the firm were suspended from last month.
Despite that, hopes of a takeover by Sidara are still very much alive, with the deadline for a firm offer having been repeatedly pushed back, most recently to 5pm on June 30.
Now, Mr Franklin has acknowledges the "very painful period" in addressing shareholder at the firm's AGM at Sir Ian Wood House in Altens Industrial Estate on Wednesday.
The Press and Journal reports Mr Franklin said: “I want to start by acknowledging the obvious, we have faced a very challenging year.
“It has been a very painful period for shareholders with significant financial losses. We are doing all we can to navigate your company through it."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 35 points at 8,811 shortly after opening this morning.
Brent crude oil futures were up 1.71% at $77.33 a barrel.