Shares in two of the North Sea's biggest service companies have been suspended this morning.
Both Wood Group and Petrofac shares have been temporarily suspended after they failed to publish their annual 2024 results on time.
Wood has faced a turbulent year - with its share price tumbling - since "material weaknesses and failures in the group's financial culture", including "inappropriate management pressure", were identified.
An independent review was commissioned and carried out which has significantly delayed preparation of the firm's audit for FY24.
Due to this delay and the failure to publish the results by the April 30 deadline, Wood confirmed this morning that its ordinary shares are now temporarily suspended. The company will request a restoration of the listing following the eventual publication of its 2024 accounts.
Meanwhile, Petrofac confirmed in March that it had opted to defer the publication of its audited 2024 results while it forges on with planned restructuring.
A court sanction hearing around the restructuring is underway, with the restructuring likely to take effect shortly afterwards.
In the meantime, the company confirmed this morning that its shares are now temporarily suspended due to it having not published its 2024 results by the April 30 deadline.
Wood shares are suspended at 18.44p per share, while Petrofac's are paused at 3.9p.
Wood remains in talks with Dar Al-Handasah Consultants Shair and Partners Holdings Ltd ("Sidara") in relation to a possible takeover.