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You would expect that Lain Torrens will have discussed this with major shareholders as it is a great opportunity now for them, that’s why 30p will be rejected.

Timing is great, especially as KG is forced out, Lain can clearly see this business has legs on it’s own

Yes it will trade again, with Petrofac looking like it will go into administration its contracts will need to be reallocated. Wood Group is well-positioned to potentially win some of these contracts, especially in regions like the North Sea and Middle East.

June 2025, Wood and Petrofac won major contracts for ADNOC Gas's new Rich gas development project in the UAE, alongside Kent, it’s a $5 billion contract, any positive news to confirm Wood taking over all work will drive share price up

£1.5 billion debt, huge company, Lain Torrens would have had fun opening Pandora’s box.

Wood delivers solutions across more than 60 countries with local offices covering all major energy and materials hubs globally, it has offices in 30 countries with 35’000 employees globally.

Difficult to know how many subsidiaries it owns, cannot find an accurate record of them but bet there are many loss making subsidies that need to go as part of debt reduction strategy.

Wood Group USA, Inc.

Wood GroupEsp (Middle East) Ltd.

CEC Controls Company, Inc.

Wood Group Mustang, Inc.

SgurrEnergy

Wood Group Gas Turbine Services Limited

John Wood Group Holdings Limited

Wood Group PSN, Inc.

The Automated Technology Group Ltd

Svt Holdings Pty. Ltd.

Wood Group Light Industrial Turbines Ltd.

Wood Group Field Services, Inc

Multiphase Solutions, Inc.

J P Kenny Engineering Limited

Ge Oil & Gas Pressure Control Limited

JWG Investments Limited

Wood Group Psn Australia Pty Ltd

Wood Group Management Services, Inc.

Wood Group International Services Pte Ltd.

Wood Group Kenny Australia Pty Ltd

Wood Group Canada, Inc.

Elkhorn Holdings, Inc.

Garlan Insurance Limited

Wood Group Colombia S.A

Wood Group Investments Ltd

Wood Group Engineering Services (Middle E)

Baker/MO Services Inc

Wood Group Generator Services, Inc.

Wood Group Norway AS

AMEC Foster Wheeler Finance Limited

Pt Wood Group Kenny Indonesia

Wood Group Rotary Electrical Company

Wood Group Power, Inc

Wood Group Products & Services Sa

Copgo Wood Group Argentina S.A

Esp Eastern, Inc.

Marine Computation Services Kenny

Wood Group Esp (Canada) Ltd.

GE Oil & Gas Pressure Control de Mexico S.A

Wood Group Engineering Pte. Limited

Wood Group ESP Argentina

Wood Group Indonesia PT

WGPSN Queensland Pty Ltd

Offshore Design Ltd.

Wood Group Production Services UK Ltd

Deepwater Specialists Inc

Wood Group Engineering & Production Facilities SA de CV

My bet is on Apollo to return, it wanted it in 2023 @ £2.40 per share, pulled out during due diligence.

It will see a different business today, improvements made, assets sold, the chairman and CEO replaced as is the executive team.

New leader will a solid background in refinancing and financial reporting, as well as risk management, audit and compliance.

Apollo will get WG for half what it was prepared to pay 2 years ago

Who are the 9,736,32 against it ?

KG definitely got pushed out the door, in accordance with section 430(2B) of the Companies Act 2006 in due course.”

means only one thing. Keep quite, step back and handover everything that Lain requires and you will receive a settlement, any breach and you will lose it.

Ignore Halifax, WG not sold yet, the 30p from Sidara will be rejected, Lain will tell Sidara to increase offer to 55p to obtain Shareholder approval as he has received another offer above the 30p

Part 2

Potential future paths

Proceed with the Sidara acquisition: The board has recommended shareholders vote in favor of the Sidara deal. If approved, Sidara will acquire Wood Group.

Renegotiate with Sidara: Given Torrens's background as CFO and his full visibility of the accounts, he may be able to renegotiate the terms of the Sidara offer.

Seek other bidders or go it alone: Torrens has the option to either go it alone or consider other potential bidders, especially if he believes the current offer is not in the best interest of the company

AI overview, now Lain is CEO, all to play for !

With Iain Torrens as the new CEO of Wood Group, the company is expected to focus on stabilizing operations, particularly by publishing its delayed 2024 accounts and half-year 2025 results. Torrens will likely oversee the ongoing shareholder vote on the Sidara takeover bid, and has the potential to either renegotiate with Sidara, consider other bids, or proceed with a plan to go it alone. His immediate priority is to provide clarity for the business and its stakeholders

Hard to believe that in just over 2 years, Wood is in this sorry state, complete failure by KG, let’s hope he takes retirement early as he isn’t fit to lead a company.

Article 14TH JULY 2023

Wood Group: Order book up as CEO says 'We are winning'

Wood Group chief executive Ken Gilmartin has said the company is "winning" on all fronts as the energy services group reported solid trading in the first half of the year.

Wood Group chief executive Ken Gilmartin has said the company is "winning" on all fronts as the energy services group reported solid trading in the first half of the year.

In an update to shareholders, Aberdeen-headquartered Wood said revenues for the six months to the end of June are expected to come in at around $2.9 billion (£2.2bn), up 15% on the same period a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) will be roughly 6% higher at $195 million.

The group also boosted its headcount during the period by 5%, taking its total workforce to 35,600 people as it bagged "significant" new contract wins. Mr Gilmartin further highlighted that the business will return to generating positive cash flow in the second half of this year.

READ MORE: Wood Group: Do investors have the patience for a three-year plan?

“We are on the right track, the strategy is working and we’re starting to deliver and providing that delivery consistently, which is making us all very excited right now in Wood," he said

The group is seven months into a three-year growth plan that Mr Gilmartin said will boost returns to shareholders following a failed takeover approach earlier this year.

Wood was the subject of repeated and unsolicited bid approaches from US private equity group Apollo Global Management. It knocked back multiple proposals from the New Tork-headquartered firm on the basis that they undervalued Wood's business.

Following "feedback" from shareholders, the board of directors agreed in May to open the books to Apollo with an eye towards advancing a bid of 240p per share, valuing Wood at nearly £1.7bn. Apollo relented later that month, announcing that it had decided against making another takeover bid

JO, agree I’m thinking that with Lain working as the CFO for the past few months and being directly involved in producing the YE results during his talks with major shareholders he has managed to convince them to put him in as CEO whilst still covering the CFO role as the results look better than KG has stated.

If the results were worse, he would have left KG in charge to take the hit.

Correct, breached covenants, late accounts, secured temporary waivers and extensions from its lenders while it continues to seek a permanent solution. Increase debt level, shareholder vote this Thursday,

The AGM is 12th November, Sidara takeover 75% required

I feel that a plan B is being orchestrated now KG is going, it will be very interesting who Iain Torrens will bring in to take up his old CFO position, my opinion is he will more than likely want someone he can trust, someone he has worked with before who has the expertise in large organisations and also the ability to manage the senior financial team members.

If the deal goes ahead with Sidara, how secure is his position? he could be out very quickly.

Executive leadership team new in this year

Iain Torrens, Interim Chief Financial Officer (CFO) now also CEO

Nick Shorten was appointed Executive President of Wood’s Project’s business in June 2025

Catherine Liebnitz is Wood’s Chief Human Resources Officer, appointed in August 2025

Steve Nicol, Executive President, global Operations (previous role as CFO of wood group psn)

John Habgood is Wood’s Group General Counsel and Company Secretary, appointed in August 2025

Both Roy Franklin and Kevin Gilmartin leave the company after the vote date 12th November, directors leaving date will probably be the same

Important date 12th November but this going to be a slow one unless Lain Torrens does something unexpected.

The court has not yet sanctioned the scheme of arrangement for the takeover of Wood Group.

A sanction hearing for the deal is expected to take place in the first half of 2026.

The current status of the takeover by Sidara Limited is as follows:

Shareholder vote: A meeting for shareholders to vote on the deal has been scheduled for November 12, 2025.

For the scheme of arrangement for the Sidara takeover of Wood Group, at least 75% of the votes cast by shareholders at the Court Meeting and the General Meeting must approve the deal.

Court sanction: Following the shareholder vote, the High Court will need to approve and sanction the scheme of arrangement. The earliest this is anticipated is in the first half of 2026.

Conditions: The acquisition is conditional upon, and the court's sanction is subject to, other conditions being met.

North Sea giant makes fresh push to drill UK’s biggest oil field

Ed Miliband to decide whether to approve project after High Court blocked it over emissions concerns.

Patience will prevail.

Wood has already agreed with lenders to extend its debt facilities until October 2028, contingent on the shareholder vote later this month which will allow a temporarily suspending of the borrowing limit to align with the new debt facility timeline.

Once the accounts are released, new contracts revealed and suspension on the LSE lifted, we may also see at the same time closure of the investigation by the FCA, Lain Torrens has lots of experience in financial reporting, as well as risk management, audit and compliance, I am sure he will be pushing for closure to allow the share price to move upwards and stabilise the business.

All of the above could easily see a quick movement to 65p which then causes Sidara to have to put together a plan B

The CFO, new CEO, Lain Torrens knows has full visibility of the accounts and now probably realises that WG is worth far more than what Sidara have proposed.

Now he is steering the ship instead of KG, he is free to use his experience and knowledge to alter its course, either renegotiate with Sidara, have talks with other potential bidders or go it alone.

4 weeks to go to remove other directors before the crucial vote, things starting to look more positive.

The directors who have provided irrevocable undertakings to vote in favour of the deal for their shareholdings include

Adrian Marsh

Birgitte Brinch Madsen

Brenda Reichelderfer

Nigel Mills

Paul O'Donnell

We now know things are changing quickly, as well as Gilmartin not being the CEO very soon, he will also exit the role of director of the company's board following the vote on the 12th November, that only leaves Roy Franklin who intends to step down after the company's future direction becomes clearer, which is expected to happen after the shareholder vote, no date given yet.

Interesting today, KG due to step down after the vote

Who gave him the bullet, Sidara? you would think that Sidara would have offered him deal during takeover talks to sweeten the deal.

The board itself, not a chance! a no confidence vote means all them are now exposed to the bullet

Institutional Investors, secret behind the KG’ back, private discussions with the CFO regarding the current situation and a rescue plan due to Sidara’s conditions of sale and the low offer for the business.

Lain states that the immediate priority would be to deliver the company’s delayed 2024 accounts and its 2025 half-year results “so we can move forward with clarity”

Lain comments, my immediate priority would be to deliver the company’s delayed 2024 accounts and its 2025 half-year results “so we can move forward with clarity”

Plan B, is not off the cards unless Sidara increase offer substantially.