Wood Group UK discloses financial regulator investigation

Wood Group announced on Friday that Britain's Financial Watchdog has begun an investigation into its oilfield services provider following the announcement made last year by the company of an independent accounting audit related to certain contracts and charges.

Wood Group stated that the Financial Conduct Authority (FCA), without providing any further details, was reviewing its operations from January 1, 2023 to November 7, 2024.

The company, which is also a target for Dubai's Sidara, has said that it will "cooperate completely" with the FCA.

In a separate press release, the agency confirmed that it had conducted an investigation but did not go into detail.

Wood Group and its auditor agreed in November to carry out an independent review of the company's reported position on certain contracts with clients, as well some unusual charges in its interim financial results.

The company missed the deadline for filing its annual results in 2024 by late April. They cited the audit that was still pending and the timing when the review would be completed.

Wood Group shares have been off the market since May 1.

(source: Reuters)