The Aberdeen-based company, which employs 35,000 people globally, announced a £761 million loss in its half-year results in August. This has led to a review of its contracts, with Deloitte focusing on “reported positions on contracts in projects, accounting, governance and controls” related to a series of “exceptional contract write-offs”.

Investors fear that Wood Group may be forced to make further write-offs, potentially requiring a restatement of prior-year profits or losses. Chief executive Ken Gilmartin acknowledged the company’s “mixed” performance, citing a “disappointing quarter” in its projects business.

Mr Gilmartin said: “We continue to make progress on our turnaround, building a simpler, higher quality Wood. Our Simplification programme is on-track to deliver annualised savings of c. $60 million, and we completed the sale of CEC Controls and agreed the sale of EthosEnergy in the period.

“The increasing quality of our business is evidenced by higher pricing, expanded margins and a higher share of our pipeline from sustainable solutions.”

He added: “It was, however, a mixed quarter for group performance. We saw strong year-on-year growth in operations and margin expansion in consulting.

“Our Projects business delivered a disappointing quarter, impacted by delayed awards in our chemicals business and our continued weakness in minerals and life sciences. As such, we continue to take actions to redress this underperformance.

“We have reiterated our full year guidance of high single digit growth in EBITDA and net debt to be broadly flat compared to last year, assuming the sale of EthosEnergy completes by year end.”

The firm is currently undergoing a three-year restructuring plan, but its future remains uncertain after rebuffing several takeover bids last year. Despite its current challenges, Wood Group plays a vital role in key UK energy transition projects, including the Humber Zero carbon reduction programme and the development of carbon capture and storage technology in the North Sea.