The probe will examine the company’s accounts between January 2023 and November 2024. This follows an independent review by Deloitte, which necessitated adjustments to Wood Group’s financial statements for the past three years. The company has stated it will cooperate fully with the FCA’s investigation.

This development is the latest in a series of challenges for the engineering giant. In February, CFO Arvind Balan resigned over an “incorrect description of his professional qualifications”. Chairman Roy Franklin has described the current period as “very painful” for the company.

Trading of Wood Group’s shares on the London Stock Exchange has been suspended since May. The firm is also currently the subject of a £242 million takeover proposal from the Dubai-based company Sidara. A deadline for a formal offer has been repeatedly extended, and today Wood Group has announced a further extension until 5.00pm on 28 July 2025.