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Dubai’s Sidara Lowers Takeover Offer for UK’s Wood Group
Dubai-based company Sidara has reduced its takeover offer for the struggling UK oilfield services firm Wood Group. The new offer is $0.40 (30 pence) per share, down from the earlier $0.47 per share, after reviewing the company’s financials.
This revised deal values Wood Group at around $290 million (£208 million). Wood said it would advise shareholders to accept the lower offer if Sidara makes it official.
Sidara first made an offer in April, valuing Wood at about $326 million. Founded in 1956, Sidara has grown into a global engineering and design business with 21,500 staff in more than 60 countries.
Meanwhile, Wood Group is facing challenges. The UK’s Financial Conduct Authority (FCA) is investigating the company after it launched its own review into certain contracts and charges. The company is also working with auditors to finalize its accounts for 2024, which are delayed.
Wood’s shares have been suspended since May 1 and have dropped more than 70%, mainly because of the delay in publishing results and wider financial troubles.
Wood said it has reached an agreement with Sidara and lenders on refinancing terms, which was a condition of the April proposal.
Sidara now has until August 28 to make a firm offer or withdraw.
Published: 27th August 2025
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