Wood Group reportedly fined $17m for inaccurate results

04 Mar Wood Group reportedly fined $17m for inaccurate results

(Oilandgaspress) -Britain’s Financial Conduct Authority fined Wood Group nearly £13m ($17.39 million) for publishing inaccurate information in its financial results for 2022, 2023 and the first half of 2024

The financial watchdog said following the poor performance of certain projects, the company’s accounting judgments were inappropriately influenced by a desire to maintain previously stated financial results and that it did not have adequate systems or controls to prevent this. The company agreed to a $292 million takeover by Dubai-based Sidara later in the year.

Sidara had tabled a lowered bid for Wood Group in August 2025, following the regulatory investigation and had made the deal’s completion conditional on the British company publishing its delayed 2024 results and ensuring that certain debt facilities were not terminated.

Wood Group met the regulatory conditions for the deal earlier this week and expects to close the transaction on March 10.

Information Source: Related News

John Wood Group PLC advises that the Financial Conduct Authority (the “FCA”) has concluded its investigation into historic financial reporting matters covering the period from 1 January 2023 to 7 November 2024.

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… Related News

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