Overview

• Wood Group's shares dropped over 45% after revealing a projected negative cash flow of up to $200 million for 2025, reversing previous positive forecasts.
• An independent review by Deloitte uncovered material weaknesses in the company’s financial culture, governance, and controls, prompting corrective actions.
• The company plans to sell $200 million in assets, cancel employee bonuses, and implement additional cost-saving measures to address financial challenges.
• Wood Group has been burdened by debt since its 2017 acquisition of Amec Foster Wheeler and has faced abandoned takeover bids in recent years.
• Despite setbacks, the company reported a growing order book of $6.2 billion and aims to achieve positive cash flow by 2026.