WOOD GROUP (JOHN)

The Financial Conduct Authority fined Wood Group £12.9m for publishing inaccurate financial results between January 2023 and November 2024, saying accounting judgments were improperly influenced by a desire to maintain previously stated results and that controls were inadequate. A Deloitte review found inappropriate management pressure on reporting and the company has implemented a remediation and governance action plan. The fine was reduced from £18.5m after Wood Group accepted the findings; the firm is due to be acquired by Sidara next week for £216m amid a collapse in its market value. » More on theguardian.com

The supervisory board of Wood Group has decided that Roy Franklin will remain in his role until the completion of the takeover by Sidara Limited or until the next annual general meeting, instead of stepping down as originally planned after the AGM on 11 December. The board cited “significant progress in meeting the regulatory conditions” for the takeover. At the AGM, shareholders approved four resolutions, including the adoption of the 2024 financial statements and the reappointment of KPMG, with around 22% of the share capital represented. » More on de.investing.com

John Wood Group has won a ten-year contract to provide comprehensive maintenance services for NextDecade’s Rio Grande LNG facility near Brownsville, Texas. The scope covers the roughly 1,000-acre liquefaction and export plant and is expected to create more than 100 new jobs, with hiring focused on the Rio Grande Valley. Wood plans a new on-site office and the development of training programs with local educational institutions; financial details were not disclosed. The company says the contract strengthens its position in the U.S. LNG market and points to its 50 years of experience on the U.S. Gulf Coast. » More on de.investing.com