He will be succeeded by the current interim chief financial officer, Iain Torrens.

Mr Torrens, who joined Wood’s board in February, is a Fellow of Chartered Accountants Ireland with previous executive roles at TalkTalk Group and ICAP. He said his immediate priority would be to deliver the company’s delayed 2024 accounts and its 2025 half-year results “so we can move forward with clarity”.

The leadership change comes during a difficult period for the company. In a statement on 7 October, Wood Group admitted that its borrowings would exceed its agreed limit when its audited 2024 accounts are published. Furthermore, the Financial Conduct Authority is investigating the company’s affairs for the period between January 2023 and November 2024.

Sidara’s takeover offer, which includes a $450 million capital injection, is conditional on several “highly unusual conditions”, including the publication of these delayed accounts by 31 October.

Shareholders will vote on the acquisition at a general meeting on 23 October. The board has unanimously recommended the deal, stating it is “in the best interests of the company and of its shareholders as a whole”.

Wood Group is now seeking a new chief financial officer, and the exact timing of Mr Gilmartin’s departure will be confirmed in due course.

Roy Franklin, chair of Wood’s Board, said: “We are pleased to announce the appointment of Iain as Wood’s new CEO.

“Since joining the company earlier this year, Iain has demonstrated experience, leadership and decisiveness to guide the business through a very challenging period. The board is confident he is well-placed to lead the company into its next chapter.

“On behalf of the board and the company, I would like to wish Ken all the best for the future.”

Mr Torrens said: “It’s a privilege to lead Wood and our exceptional global team of over 35,000, who have remained committed to delivering for our clients through a difficult period.

“My immediate priority is delivering our full year 2024 audited accounts and half year 2025 results so we can move forward with clarity. I’m grateful for the opportunity to support our people, drive performance, and strengthen client confidence as we shape a resilient, growth-focused future for Wood.”