Troubled Aberdeen-based engineering and consulting giant John Wood Group said on Wednesday it secured three “reimbursable contract extensions” in the North Sea worth $118 million to continue to deliver operations and maintenance solutions  for Shell UK, Dana Petroleum and CNOOC International’s UK business.

The contracts will continue to be supported by around 500 Wood employees in Aberdeen, UK.

These extensions will see Wood continue to support operations for an extensive offshore portfolio, including Shell UK’s Shearwater, Gannet, Nelson and Penguins assets; Golden Eagle, Buzzard and Scott for CNOOC and the Triton and Western Isles FPSOs for Dana Petroleum.

Steve Nicol, Wood’s President of Operations, said: “We have an unmatched legacy in operating and maintaining North Sea energy infrastructure. Our long-standing clients continue to partner with us to enhance operations and improve production efficiency to ensure a reliable, safe and sustainable energy supply.

“In 2024 we secured 100% of our contract renewal and extension options across our UK North Sea portfolio and continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.”

Wood has 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 Group said on April 30 its shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1, 2025, until its FY24 results are published.

Wood Group shares had fallen almost 90% in 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.