Despite this, the company remains optimistic about its future, with CEO Ken Gilmartin emphasising plans for growth and improved shareholder value.

The recent collapse of a second takeover bid in a year has put pressure on Wood Group’s leadership. Gilmartin has ruled out moving the company’s listing to New York, despite calls from some investors, and is focused on delivering on promises to cut debt and generate significant free cash flow from 2025.

Wood Group’s share price has suffered amidst the failed takeover bids and broader market uncertainty. However, the company reported an 8.5% increase in adjusted earnings in the first half, offering a glimmer of hope for investors.

Mr Gilmartin said: “These results demonstrate continued progress on our turnaround. Our strategy continues to deliver higher EBITDA and a larger order book, and we are improving the quality of our business with better pricing and higher margins.

“Our simplification programme is progressing at pace, with nearly half of the annualised $60 million savings from next year already secured. I am also pleased that we have achieved all of this while recording our highest level of employee satisfaction ever, putting Wood in the top quartile of all our peers and demonstrating that our team is focused and energised on driving Wood to its full potential.”

Mr Gilmartin continued: “Generating sustainable, strong free cash flow continues to be an important focus for the delivery of our turnaround. Our adjusted operating cash flow was up in the period, and we continue to anticipate reducing cash drags going forward. We welcomed Arvind Balan as our new CFO in April and he has brought a renewed cash focus across the business.

“As we look ahead, we remain confident that our strategy, actions we are taking and growth potential across our markets will deliver significant value for our shareholders. We are pleased to reconfirm our outlook today, both for 2024 and 2025, including generating significant free cash flow in 2025.”