The sale comes ahead of a 5pm deadline today for its Dubai-based suitor, Sidara, to make a formal takeover offer.

The disposal of the power infrastructure engineering division, which operates across the US and Canada, pushes Wood’s total proceeds from selling non-core assets this year to $275m (c. £204m). This figure significantly exceeds the company’s target of $150-$200 million, with the funds intended to reduce net debt. The deal is expected to be finalised in late 2025.

Meanwhile, Sidara is expected to formalise its 30p-per-share offer for Wood, valuing the Scottish company at approximately £207m. Wood’s board has indicated it would be prepared to recommend the bid, which is a reduction from a 35p-per-share price proposed in April.

The company is currently working to publish its audited accounts for the 2024 financial year and is also the subject of a Financial Conduct Authority inquiry. Trading in Wood Group’s shares remains suspended.

Ken Gilmartin, Wood’s CEO, said the sale demonstrated “continued progress of our non-core business disposal programme” and that the company was on track to exceed its targets as it continues to simplify its portfolio.