Troubled Aberdeen-based engineering and consulting giant John Wood Group confirmed on Monday afternoon that it has received a new approach from Dubai-based firm Sidara in relation to a possible offer for Wood.

Wood shares rose as much as 30% to around 34p to give the Aberdeen firm a current stock market value of about £236 million.

But the company’s share price is down about 75% for the past year amid an independent review by Deloitte following “exceptional contract write-offs” and a “difficult” trading update for the year ended December 31, 2024.

On February 14, Wood said the Deliotte review was continuing and revealed: “The company is initiating steps to strengthen significantly the group’s financial culture, governance and controls in light of material identified weaknesses and failures.”

Last August, Sidara walked away from making a firm offer for Wood “in light of rising geopolitical risks and financial market uncertainty at this time.”

Sidara’s “fourth and final” cash takeover proposal for Wood last year was a bid of £2.30 per share that would have valued Wood Group at about £1.59 billion at that time.

Wood, one of Scotland’s largest listed firms, has operations in more than 60 countries, employing over 35,000 people.

“Wood shareholders are advised to take no action in relation to the proposal,” said Wood on Monday.

“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.

“In accordance with Rule 2.6(a) of the Code, Sidara is required, by not later than 5.00 p.m. on 24 March 2025, to either announce a firm intention to make an offer for the company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

“This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.”