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So the last hour or so the FTSE250 has continued to drop, but WG has battled against that, recovering a little. Small mercy I know, but - i feel like that kind of action is important here, it shows ability to recover.

What's that all about then? tree shake?

A refinanced business would be far stronger and therefore attract a much higher bid. It shows that they aren't simply going to roll over and take a 90p deal. If you're long it means opportunity for £3 in the future. If you're here for the short term then £1+ is feasible within a week or so

Just in from FT this is great news!

Troubled Wood Group taps Rothschild for refinancing talks

Oil services and engineering company holds debt discussions in parallel to exploring takeover by Dubai-based Sidara]

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https://www.ft.com/content/177da3f2-4d77-41aa-bea6-d51296bb1f88

Struggling oil services and engineering company Wood Group, which is a takeover target for Dubai-based Sidara, has tapped advisers to navigate parallel refinancing talks with its lenders as it battles with a heavy debt load.

The Scottish company is working with bankers at Rothschild & Co on the debt talks, according to three people familiar with the matter, underscoring challenges faced by Wood, whose share price collapsed last month after a negative trading update.

Wood’s valuation dropped to less than £200mn two weeks ago — down from a peak above £5bn in the previous decade — as it continued to burn cash ahead of a planned $1.4bn refinancing by October 2026.

The shares have climbed in recent days after the Financial Times reported that Sidara had returned with a fresh takeover approach after walking away from a deal to buy the company for £1.6bn last summer. The talks were later confirmed by the companies.

Wood had earlier failed to reach an agreement with private equity group Apollo, which tried to buy the company for about £2.2bn in 2023.

The talks to refinance the debt are running on a separate track to the takeover discussions, people familiar with the situation said.

Analysts have warned that the steep fall in Wood’s share price had narrowed its refinancing options and made equity issuance more challenging.

Wood and Rothschild both declined to comment.

Personally I don't think they are. They had great results but are now executing a sharebuy-back. Their presentation of the results included the words, "in absence of any major acquisition" (or words to that effect) - I may be wrong and had thought prior to last week that they would be interested. I would imagine that an Apollo return would be more likely.

There are some interesting comments on the story in FT... Although most insightful is this one.....

Interesting article , but the FT seems to have given up on real investigative journalism and deep dive analysis. The board are absolutely on the hook for appalling judgement in knocking back previous offers. Adding on the recent accounting, recruitment and cash management issues is extraordinarily. And will result in shareholders losing much of our money . Plainly , a rights issue into this incompetent lot is never going to happen. May be a private placing but otherwise it’s sell cheap to previous suitors or let one of the vulture funds buy the debt and wipe out owners. This is not about Aberdeen or the decline of oil and gas- it’s about abject incompetence at board level, misleading investors and a truly awful set of advisors. In days gone buy one might be calling the serous fraud office

Incidentally swkm I know what you mean about all the different publications. I did the cheap first 4 weeks of the Australian, trouble is, to cancel you have to telephone them in Aussie office hours! 🤦‍♂️

Swkm check my previous posts

Gogo There was some speculation in the Australian news, see my previous posts. However, since then they have released their results and my view is that there is no intention for them to bid.

One person close to Sidara said the company, founded in the 1950s by four university professors in Beirut, had a “strong strategic conviction” about Wood

They've just dipped just in time for you to get in there - go on make it £5k ;-)

Ice - that strong sell is only unnecessary for you and I - Sharebel needs it oh so desperately! :-)

Coming to an end! .... come Friday afternoon - lets be 'avin you.

I want to buy more!

New investor..

Having listened back to the Worley results - I think we can rule them out. In talking about a share buy-back they are executing they say a reason for it is "absence of any large bolt on acquisition".. 39 minutes in

Coco - FT doesn't suggest 66p in any takeover context

Quick research suggests that this is auch better appointment. I can't see too much oil and gas experience, but The ICAP spell will certainly help, he has global expertise, experience in major financial deals and the talk talk time will provide big thinking platform too.

From The Australian.... Note "various approaches for consultancy business"

There’s been chatter that in the past six months the Chris Ashton-led Worley has been weighing up the merits of moving on its troublesome rival Wood Group.

But, Worley would not comment on its intentions for its UK-based competitor when asked by this column.

Wood this week told the market it had received an approach from Sidara, the group which previously tried to buy Worley and also made a buyout attempt for Wood Group last year for £1.5bn.

Worley now has the firepower for mergers and acquisitions, with its share price soaring more than 10 per cent after announcing its result on Wednesday.

The engineering firm has flagged the pursuit of growth in a structured way in target markets with significant growth opportunities at higher margins and capital management to fuel growth by generating free cash for investments, dividends, acquisitions and debt reduction.

Meanwhile, as earlier reported by DataRoom, the $7.5bn Worley is kicking goals as Wood had earlier announced asset sales worth between $US150m ($235.6m) and $US200m ($316.1m).

Reports have surfaced out of the United Kingdom that it has also had various approaches for its consultancy business (likely accounting for much of its value), and sources believe this would be of interest to Worley.

It could well have made an approach, although Worley may see its competitor happy to go to a stronger player so that it rules a wounded player out of the market that bids low prices in a desperate attempt to win back work.

Wood Group is wrestling with about $US680m of net debt after it hit $US1.1bn last year and its market value is about £200m ($400m).

Most of its loans are due in 2026 and it is weighing refinancing options.

Wood said the independent review was continuing, so more asset sales could be announced.

Worley is in strong shape, capitalising on the back of challenges related to its competitors, including Wood, which borrowed too much debt when it embarked on an acquisition of Amec Foster Wheeler for $US2.7bn in 2017.

As a result, it has cut costs and lost key staff, and therefore customers, weighing on its overall performance.

Since then, Wood has fended off tak

Thye've changed the make up of their holding to allow them to have voting rights (thats my read of it anyway)