The Dubai-based firm made its latest bid, which at 230p per share is worth £1.58 billon, for the Aberdeen-headquartered business at the end of May. It was given until 3 July to make a firm offer or withdraw its bid.

Sidara has notified the Wood’s board that it “requires more time to finalise its due diligence and other preparations”.

The board said “the panel on takeovers and mergers has consented to an extension to the date”, and the new deadline has been set to 5pm on 31 July 2024. The takeover panel can further agree to extend this deadline at Wood’s request.