Wood leadership change holds promise for future
20 October 2025
Commentary
Indrajit Sen
Oil & gas editor
UK energy engineering consultancy Wood Group’s announcement of a new CEO taking charge later this year is a positive signal, indicating the company is positioning itself for the future.
The announcement also suggests that the proposed takeover of Wood by Dubai-based Dar Al-Handasah Consultants Shair & Partners Holdings (Sidara) is nearly a done deal. Wood’s board has already accepted a $292m conditional takeover bid from Sidara, with a shareholder vote scheduled for 12 November expected to be a formality.
New ownership would naturally initiate a strategic reset and establish new priorities and goals. Iain Torrens, currently Wood’s interim group chief financial officer, will take over as CEO from Ken Gilmartin and lead the company towards these new goals.
Despite financial difficulties in recent years, Wood has been largely successful in winning key consultancy and engineering contracts on critical oil and gas projects in the Middle East and North Africa (Mena) region. This year alone, the company has secured project contracts in Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, as well as in other international markets.
Wood’s track record of delivering major Mena energy projects, combined with its strong regional presence, is the key factor that attracted Sidara, and the reason it has been pursuing an acquisition for the past two years.
In addition to the takeover bid, Sidara has offered to assume $1.6bn of Wood’s debt and inject $450m in cash into the company, demonstrating its confidence in Wood’s capabilities.
With a new owner committed to addressing the company’s financial challenges and a new CEO preparing to take the helm, Wood appears poised to enter a period of renewed stability and growth.
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