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So, as expected, no VAT reimbursement for the 2nd month. How long will it take them to halt production altogether?

Surin, it is unclear what has happened to Wood's cash balance of over $400 mn and why there is a requirement for an urgent cash injection. The first tranche is expected before the completion, just upon shareholders approval - this is pretty bizzarre

Goodwill means only one thing - they overpaid for their acquisitions. In Wood's case, all in vain

For the most part of 2024, Wood claimed in all their materials that there would be "a significant cash flow generation in 2025"

IceClown still uses this as his mantra, lol))

Which assets are people referring to when they claim there is enough of them to pay off liabilities?

If your write-off all this goodwill nonsense, Wood's net assets would be a negative $1.0 bn. Its PPE are a minor $60 mn

Which assets it can sell and for how much?

Extension means only one thing - Sidara wants to maximize optionality for them before committing to anything

It has nothing to do with their willingness to buy at 35p

Sidara may want to take a revenge for earlier humiliation by Wood. If I were them, I definitely would

If we eventually get a 25p bid, then we are lucky

35p does not seem to be real any longer

Next week it will probably drop below 15p

If there is no update on lenders’ extending their waivers into suspension, we will continue to drop

Christo, how can you be sure what will and what will not happen?

What if on the 1st May there is simultaneously a share suspension and an announcement that lenders have not extended their waivers and Wood is immediately in default?

Do you consider this risk to be a non existent one?

Ilovesushi, your prediction on 14th April is the same as the one that the sun will rise tmr morning😀

There is only one hope that at least Sidara will not shaft those shareholders who have bought in a few weeks into the suspension, i.e. at or below 25p😀

How many more extensions can there theoretically be allowed? Whatever Sid and Wood agree on?

Unfortunately, once there is a suspension, Sidara can do whatever it likes

Will consider adding more if by 30th April we are below 20p

Luca, replace BP with Shell and than it will be BP reducing their business, lol))

Those thinking there will be an increased offer under these circumstances are definitely dumber than those who claimed there would be a 200p offer in the first place

Wonder if these are the same people?

If for instance BP acquires Wood, then Shell (and all other majors) will significantly reduce their business with what will then be their direct competitor

Client’s acquisition of a service provider operating in a competitive market is very rarely a good thing

2025 is going to be a disastrous year for Wood, no doubt about that

It is such a pity that this deal is taking place at a time when so many company-specific issues have coincided with poor O&G market dynamics

My gut feeling is that this year Wood will have the following financials:

- EBITDA of $200-250 mn (rather than $450 mn promised by Wood)

- Free cash outflow if $400-500 mn (not unrealistic $150-200 mn, as management have said)

The latter will be so bad not least because of a negative working capital. Clients will require more time to pay, while suppliers and contractors will insist on more expedite settlements

If I am right, and this negative FCF is financed with new debt, than by year-end we are easily at 6.0-7.0x Debt/EBITDA

And this is a recipe for disaster

Therefore, the 35p offer is a good deal under the circumstances. Sidara will have to inject a lot more than that into the business to keep it solvent. Probably more than this $450 mn of immediate funding

Scuba, it is a skill called common sense. Plus my 20+ years of work in various advisory businesses and in oil and gas

This is the same skill needed to easily conclude that no one sane would offer to pay 100+ pence for a company which shares trade at 25 pence

So many here have really failed on this basic skill

If Wood goes into administration, client swill run away rapidly. No one sane will give an insolvent company large, complex projects to work on

Even now an exodus of clients has already started, I am pretty confident in this