Employee question27 Aug 2025 17:53
Employee Q&A
Q1: What has been announced today?
Having completed its due diligence on Wood, Sidara has informed Wood’s Board that it is committed to acquiring the company, once the remaining pre-conditions have been satisfied, but at a revised price of 30 pence per Wood share - lower than the previous proposal of 35 pence. The announcement also outlines that substantial progress is being made on documenting the proposed refinancing arrangements announced on 28 July, and that we continue to work with our auditor in relation to the publication of our audited accounts for full year 2024.
Q2: Why has Sidara's possible offer price been reduced?
The revised price follows Sidara’s completion of its due diligence on Wood. While this revised price is lower than previously proposed, it forms part of a broader package that includes significant financial support.
Q3: What does this mean for employee shareholders?
We understand this will be disappointing for those who hold shares, especially those who have invested personally in Wood’s future. The Board recognises the impact this may have and will ensure employee shareholders are provided with clear information and guidance as the process continues.
Q4: What else is included in Sidara’s possible offer?
In addition to a price per share, Sidara’s possible offer includes a $450 million capital injection into Wood – an initial $250 million triggered by shareholder approval of Sidara’s offer, and a further $200 million triggered on closing. It also includes the extension of our existing credit lines out to October 2028 and the addition of new bonding facilities.
Q5: Is this a formal offer?
No, not yet. Sidara has expressed its commitment to making an offer on these revised terms, once all remaining pre-conditions have been satisfied, but it has not yet made a firm offer under Rule 2.7 of the Takeover Code. The deadline for Sidara to do so has been extended to 5pm BST on 28 August 2025.
Q6. Why is the PUSU deadline only extended by three days?
We are continuing to work with Sidara in relation to the pre-conditions to a possible offer. Today's announcement notes substantive progress on this since the 28 July 2025 announcement:
- There is now commercial alignment with Sidara and Wood’s lenders on the detailed terms of the Proposed Refinancing (which are consistent with the terms set out in the 28 July 2025 announcement), and substantial progress has been made on documenting those terms.
- Wood is continuing to work with its auditor in relation to the publication of Wood's audited accounts for the financial year ended 31 December 2024.
- Sidara has confirmed that it has completed its due diligence on Wood.
Q7: Will the Board recommend the offer?
The Board has indicated that, based on the current terms, it would be minded to recommend an offer to shareholders if Sidara proceeds with a firm intention to make an offer on those financial terms, subject to the agreement of a
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