This follows Sidara’s withdrawal from a previous bid last August, citing “rising geopolitical risks and financial market uncertainty”.   

The resurgence of Sidara’s interest comes after a recent sharp decline in Wood Group’s share price, exacerbated by concerns over cash flow and the resignation of CFO Arvind Balan following a qualification discrepancy. Wood Group’s board has advised shareholders “take no action in relation to the proposal” at this time.   

A statement from Wood Group said: “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made when appropriate.”

Sidara, known formally as Dar Al-Handasah Consultants Shair and Partners Holdings, previously offered 230p per share, valuing Wood Group at £1.7 billion. This was withdrawn after due diligence, leading to a dramatic fall in Wood’s share price. The current approach has sparked an over 30% increase in Wood’s share value, which currently sits at around 38p per share, bringing the group’s market capitalisation to over £266m.

Under UK takeover regulations, Sidara now has until 24 March to either submit a firm bid or abandon its pursuit, with the possibility of an extension subject to regulatory approval.