Troubled Aberdeen-based engineering and consulting giant John Wood Group said on Friday its chairman Roy Franklin “intends to step down from the Wood board as soon as there is greater clarity regarding Wood’s future direction.”

Wood also said three non-executive directors will not stand for re-election at its AGM on June 18.

The company said: “All directors intend to stand for election or re-election at the 18 June 2025 AGM with the exception of David Lockwood, Catherine Michel and Sue Steele who, whilst fully supportive of Wood and its strategy, have decided not to stand for re-election as non-executive directors.

“In the case of David Lockwood and Catherine Michel, this decision has been reached mutually with the Company on the basis of each party’s legal advice in light of the exceptional time commitments demanded by the Company’s current position and, in the case of Sue Steele, due to retirement.

“The chairman, Roy Franklin, will stand for re-election but intends to step down from the Wood board as soon as there is greater clarity regarding Wood’s future direction.

“The size and composition of the board, including the balance of skills, continues to be assessed to ensure it meets Wood’s requirements.”

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.

On April 30, Wood Group said its shares would 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.

On Friday, Wood said: “As soon as the FY24 accounts are available, Wood will request a restoration of the listing and trading of its shares and will, as soon as is practicable, hold a further shareholder meeting at which those accounts will be laid …

“On 14 April 2025, Wood announced that it had received a holistic non-binding conditional proposal from Sidara, including a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the Company, and that, should Sidara make a firm offer for Wood under Rule 2.7 of the Code on the terms of the Possible Offer, the board of Wood would be minded to recommend such an offer to Wood’s shareholders, subject to agreement of full terms and conditions. 

“As announced on 15 May 2025, the Board of Wood is continuing to work with Sidara in relation to the pre-conditions to the Possible Offer set out in that announcement.

“There is no certainty that an offer will be made by Sidara even if the pre-conditions are satisfied or waived …”