Troubled Aberdeen-based engineering and consulting giant John Wood Group on Thursday extended the deadline for Dubai-based Sidara to make a firm takeover offer for Wood or walk away until June 30.

On April 14, Wood received a “holistic non-binding” conditional takeover proposal from 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.

In a stock exchange statement on Thursday, Wood said it is continuing to work with Sidara in relation to the pre-conditions to the possible offer.

It said Wood is continuing to work with its auditor towards the publication of Wood’s audited accounts for the financial year ended 31 December 2024.

Wood said: “The Board of Wood has therefore requested, and the Panel has consented to, an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00pm on 30 June 2025.

“This deadline can be further extended with the agreement of the Board of Wood and the consent of the Panel in accordance with Rule 2.6(c) of the Code.

“Further announcements will be made in due course. In the meantime, shareholders are not required to take any action in relation to the Possible Offer.

“There continues to be no certainty that an offer will be made by Sidara even if the pre-conditions to the Possible Offer are satisfied or waived. This announcement is being made with the consent of Sidara.”