logo
Troubled firm Wood says new North Sea contracts will support 500 Aberdeen jobs

Troubled firm Wood says new North Sea contracts will support 500 Aberdeen jobs

Troubled Aberdeen firm Wood has secured three North Sea contracts worth around £88 million.
The engineering group will continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International's UK business.
Wood shares are currently suspended after the group did not file its accounts for the 2024 financial year in time.
It is undergoing an independent review, which has already highlighted 'inappropriate management pressure' as well as issues with project contracts.
The contracts will continue to be supported by around 500 employees in the north-east. Aberdeen firm's 'unmatched legacy'
Wood president of operations Steve Nicol said the firm has an 'unmatched legacy' in operating and maintaining North Sea energy infrastructure.
Its contracts will see it support operations for an 'extensive' offshore portfolio including Shell UK's Shearwater, Nelson and Penguins assets.
Mr Nicol said: 'Our long-standing clients continue to partner with us to enhance operations.
'And improve production efficiency to ensure a reliable, safe and sustainable energy supply. Steve Nicol, Wood's president of operations. Image: Wood
'In 2024 we secured 100% of our contract renewal and extension options across our UK North Sea portfolio.
'And continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.' Wood shares suspended as takeover talks continue
Last week, Wood issued a statement confirming that its accounts wouldn't be published in time.
It said: 'As a result, Wood's shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1 until its FY24 results are published.'
Wood said temporary retrospective waivers for its debt facilities have been extended until June 30 2025. Aberdeen-based Wood Group has secured extensions to three North Sea contracts. Image: Kenny Elrick/DC Thomson
It is the latest setback for the firm, which is the subject of a fresh takeover bid from Dubai-based group Dar Al-Handasah, known as Sidara, made in February.
The deal would be worth 35p per share – around £242m in total.
It would also see a further £340m injected into Wood after Sidara confirmed it made 'significant progress' with due diligence.
Wood's share price is suspended at 18.2p.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Jaguar is heading for oblivion
Jaguar is heading for oblivion

Spectator

timean hour ago

  • Spectator

Jaguar is heading for oblivion

The headlines wrote themselves. 'Go woke, go broke!' said the Daily Mail, and 'Sales Plummet', said the Sun. Only a few months after its controversial rebrand, with the launch of a bright pink 'Barbie-mobile', we learned today that Jaguar's sales are down by 97.5 per cent across Europe. In reality, the story is a little more complex, but even so, what was once one of the greatest car companies in the world is giving a masterclass in brand destruction. It would be better to sell it off to the Chinese than to continue under its current management. It makes Telsa's collapse after Elon Musk joined the Trump administration look mild by comparison. Jaguar, the company that produced models such the E-type, generally regarded by buffs as the best-looking car ever manufactured, is in freefall. Sales at Jaguar Europe are down by 97.5 per cent, while according to the European Automobile Manufacturer's Association, the company registered just 49 sales in April, compared with almost 2,000 in the same month a year earlier. In November, the company staged a controversial rebranding exercise that seemed purposefully designed to annoy the 'Gin and Jag set' which have always been its most loyal customers. Instead of the high-powered petrol models that built its reputation, it was betting everything on a bright pink electric vehicle that didn't even have a leaping cat on the bonnet and was promoted by adverts that had come straight out of Pride Week. 'Radical' would be the kind word to describe the move. 'Deranged' would be the more honest one. In fairness, the plunge in sales is not just about the Barbie-mobile rebrand. Jaguar has also halted most of its production while it works on launching its new line up of models. And yet, even that is a very strange decision. After all, the car market is brutally competitive, and very fickle. If you stop making any cars for a few months, it is rash to assume the customers will still be there when you resume, especially as you are offering them something very different to what they are used to. The blunt truth is this. Jaguar is staking everything on electric vehicles at a time when it is no longer clear whether battery-powered cars are the right technology for combatting climate change. And it is trying to radically change its traditional market, and appeal to a younger, more liberal group of consumers. It is getting very hard to see how that will work. It would probably have been better to simply sell the marque to one of the upstart Chinese car companies, which would probably pay handsomely for its 'heritage'. After all, MG, once a great rival to Jaguar, has done pretty well under the ownership of Shanghai-based SAIC, even if its cheap and cheerful EVs don't have much in common with the sports cars of its 1960s heyday. At least it would preserve the name. Instead, Jaguar looks to be heading for destruction – and it may be too late to stop that now.

Major Gulf bourses gain as PMIs signal growth
Major Gulf bourses gain as PMIs signal growth

Reuters

time2 hours ago

  • Reuters

Major Gulf bourses gain as PMIs signal growth

July 3 (Reuters) - Major stock markets in the Gulf rose in early trade on Thursday, as the non-oil private sector showed steady growth, while investors also awaited a U.S. job report for clues on how soon the Federal Reserve could lower borrowing costs. Saudi Arabia's benchmark stock index (.TASI), opens new tab rose 0.4%, with most sectors in the green, led by finance, materials and energy. Saudi National Bank ( opens new tab, the kingdom's largest lender by assets, gained 1.6% and oil major Saudi Aramco ( opens new tab added 0.6%. The retailer Fawaz Abdulaziz Al Hokair & Company ( opens new tab, the index's best performer, climbed 7% and Saudi Basic Industries ( opens new tab added 1.3%. The expansion in Saudi Arabia's non-oil private sector activity accelerated in June, driven by robust client demand and a surge in hiring, a survey showed on Thursday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) rose to a three-month high of 57.2 from May's 55.8, putting it further above the 50-point line denoting growth. The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.2%, lifted by a 4% advance in Presight AI ( opens new tab and a 3.2% gain in Space42 ( opens new tab. Dubai's benchmark stock index (.DFMGI), opens new tab advanced 0.6%, supported by gains in real estate, utilities and industry sectors. Emaar Properties ( opens new tab added 1.5% and tolls operator Salik ( opens new tab rose 1.7%. The UAE's non-oil private sector grew steadily in June even as regional tensions weighed on demand, and firms ramped up output to tackle backlogs, a survey showed on Thursday. The Qatari benchmark index (.QSI), opens new tab was little changed with Qatar Gas Transport ( opens new tab adding 0.5% while Qatar Islamic Bank ( opens new tab, shedding 0.7%. The market's focus now will turn to a key U.S. jobs report later in the day that may justify imminent rate cuts by the Federal Reserve. Futures imply a 25% probability for a rate cut this month from the Fed. The U.S central bank's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar.

Ryanair flights cancelled due to air traffic control strikes
Ryanair flights cancelled due to air traffic control strikes

Glasgow Times

time2 hours ago

  • Glasgow Times

Ryanair flights cancelled due to air traffic control strikes

The low-cost airline said the cancellations on Thursday and Friday will affect flights to and from France, as well as flights over the country to destinations such as Greece and Spain. Ryanair chief executive Michael O'Leary renewed calls on EU Commission President Ursula von der Leyen to take 'urgent action' to reform European Union air traffic control (ATC) services in light of the disruption, which comes at the start of the European summer holidays. 4.7M Ryanair passengers delayed by French Air Traffic Control this year‼️ Full story on ATC 'League of Delays'👇 — Ryanair Press Team (@RyanairPress) July 2, 2025 Mr O'Leary said: 'Once again, European families are held to ransom by French air traffic controllers going on strike. 'It is not acceptable that overflights over French airspace en route to their destination are being cancelled/delayed as a result of yet another French ATC strike. 'It makes no sense and is abundantly unfair on EU passengers and families going on holidays.' Ryanair has long-campaigned for an overhaul of ATC services across Europe. It wants the EU to ensure ATC services are fully staffed for the first wave of daily departures, as well as to protect overflights during national ATC strikes. 'These two splendid reforms would eliminate 90% of all ATC delays and cancellations, and protect EU passengers from these repeated and avoidable ATC disruptions due to yet another French ATC strike,' Mr O'Leary added. Ryanair also said on Wednesday it had been hit by the recent conflict in the Middle East, and it cancelled more than 800 flights last month. It is among those to have cancelled and rerouted flights amid the conflict between Israel and Iran, as well as continued attacks in Gaza. Last week, flights were halted at Dubai airport in the United Arab Emirates (UAE) as passengers were told to expect further delays and cancellations. Ryanair said it still operated more than 109,000 flights in June, indicating that fewer than 1% of flights were affected. The Ireland-based business carried 19.9 million passengers in June, representing a 3% increase on the same month last year.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store