Finance
UK's Wood Group discloses investigation by financial regulator
Published by Global Banking & Finance Review®
Posted on June 27, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 27, 2025
1 min readLast updated: January 23, 2026
The FCA is investigating Wood Group's accounting practices, affecting its operations and share trading. The company is cooperating fully.
(Reuters) -Wood Group said on Friday Britain's financial watchdog had begun an investigation into the oilfield services provider, following the company's announcement last year of an independent accounting review related to some contracts and charges.
Wood Group said the Financial Conduct Authority (FCA) was looking into its operations between January 1, 2023, and November 7, 2024, without giving further details of the review or investigation.
The company, also a takeover target for Dubai-based Sidara, said it would "cooperate fully" with the FCA.
The agency in a separate statement confirmed its investigation, but did not elaborate.
Wood Group in November had agreed with its auditor to conduct an independent review focused on the company's reported positions on certain contracts with customers, as well as some exceptional charges in its interim results.
In late April, the company missed a deadline to file annual results for 2024, citing the pending audit conclusion and the timing of the culmination of the review.
Wood Group's shares have been suspended from trading since May 1.
(Reporting by Pushkala Aripaka and Shanima A in Bengaluru; Editing by Sriraj Kalluvila and Leroy Leo)
The FCA is investigating Wood Group's operations between January 1, 2023, and November 7, 2024, following the company's announcement of an independent review.
Wood Group has stated that it will 'cooperate fully' with the FCA during the investigation.
Wood Group's shares have been suspended from trading since May 1, following the company's missed deadline to file annual results for 2024.
In November, Wood Group agreed with its auditor to conduct an independent review focused on certain contracts with customers and some exceptional charges.
The FCA confirmed its investigation in a separate statement but did not provide further details.
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