Wood Group Faces £13M FCA Fine Amid Financial Scandal
The Financial Conduct Authority fined Wood Group nearly £13 million for inaccurate financial reporting from 2022 to mid-2024. Misleading accounting decisions were driven by a desire to maintain previously stated results, causing an 85% share price drop. Wood Group's takeover by Sidara is expected to finalize soon.
The Financial Conduct Authority (FCA) imposed a penalty of nearly £13 million on Wood Group for disseminating inaccurate financial reports spanning 2022 to the first half of 2024. The financial watchdog found that Wood Group's accounting decisions were inappropriately influenced by a desire to preserve previously declared financial results.
After the company's poor project performance came to light in November 2024, Wood Group's share price nosedived by 85% by April 2025, eventually leading to a suspension in May. Consequently, Wood Group agreed to a $292 million acquisition by the Dubai-based firm Sidara later in the year.
Sidara's lowered bid in August 2025 followed the regulatory inquiry and was contingent on Wood Group releasing its delayed 2024 results and securing certain debt facilities. Having met these conditions, Wood Group is poised to complete the transaction on March 10.
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