Wood Group has been fined nearly £13million for publishing inaccurate financial results - as the company highlights changes in response.
The Aberdeen-headquartered energy services giant confirmed that the findings by the Financial Conduct Authority (FCA) align with the conclusions of an Independent Review commissioned by its Board in November 2024.
The company has been under investigation for nine months, which followed an independent review by Deloitte commissioned by Wood’s board.
Following a nine-month investigation, the London-listed group's judgements were “inappropriately influenced by its desire to maintain previously stated financial results”.
The FCA concluded the company lacked "adequate systems, controls or procedures" to prevent the issue.
It meant that Wood issued inaccurate information in its full-year 2022 and 2023 and half-year 2024 results.
However, Wood said it had worked closely with regulators and had already taken steps to strengthen oversight in response to the findings.
A spokesperson for Wood said: "The FCA’s findings are consistent with those of the Independent Review which was commissioned by Wood’s Board in response to dialogue with its auditor in November 2024.
"Wood cooperated fully with the FCA throughout its investigation. The company has developed a remediation and governance action plan to address the issues identified in the Independent Review and has taken steps to implement the plan, as noted by the FCA in its findings."
The fine comes as Wood prepares to complete a £207million takeover by Sidara at 30p per share next week.