Wood Group Shares Plummet 50% Following Deloitte Accounting Investigation

The Scottish energy firm's stock hit a 20-year low after Deloitte was appointed to review its financial practices amid significant project write-downs.

Wood Group experienced a dramatic 50% drop in its share price, reaching a record low, as it faces scrutiny over its accounting practices.
Deloitte has been tasked with conducting an independent review focusing on project contracts, accounting, governance, and controls.
The investigation follows a substantial £745.3 million loss reported in August, linked to write-downs on large-scale projects.
Recent takeover attempts by firms such as Apollo Global Management and Sidara were abandoned due to market uncertainty and geopolitical risks.
Wood Group is implementing a restructuring plan aimed at reducing annual costs by £46.5 million to address ongoing underperformance.