Troubled Aberdeen-based engineering and consulting giant John Wood Group said on Monday it received a “holistic non-binding” conditional takeover proposal from Dubai-based Sidara worth about £242 million or 35p per share in cash.

Last year, Wood rejected a cash takeover proposal from Sidara worth about £1.4 billion or £2.05 per share, before the Aberdeen firm became engulfed in problems.

Wood’s share price is down about 80% 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.

Last month, Wood Group said its shares will be suspended from trading if, as it expects, it does not publish its FY24 accounts by April 30, 2025.

Wood, one of Scotland’s biggest listed firms, employs more than 35,000 people in 60 countries.

On Monday, Wood said the latest proposal from Sidara comprises a possible offer of 35p per Wood share in cash, a possible capital injection of $450 million from Sidara to Wood, and “Wood seeking an extension of, and certain other amendments to, its existing committed debt facilities.”

Sidara confirmed that it has made “significant progress with its due diligence on Wood, including in relation to its review of the points raised in the independent review commissioned by Wood.”

Wood said: “Work continues on a range of alternative refinancing options to provide the company with an appropriate and sustainable long-term capital structure.

“Having carefully considered the viability of these options together withits financial advisers, the board of Wood currently believes that the possible offer represents the better option for Wood’s shareholders, creditors and other stakeholders.

“Accordingly, the board of Wood has indicated to Sidara that, should a firm offer for Wood under Rule 2.7 of the Code for Wood on the terms of the possible offer, it would be minded to recommend such an offer to Wood’s shareholders, subject to agreement of the full terms and conditions.”