Wood Group, a UK-based global oilfield services enterprise, has agreed to a 216-million-pound ($292 million) conditional takeover bid from Dubai-based Sidara, the companies said.

 

The agreement ends a pursuit that spanned more than a year and involved multiple offers and rejections, said a Reuters report.

 

Under the 30-pence-per-share offer, Sidara will assume $1.6 billion of Wood Group's debt and inject $450 million of cash into the company.

 

The deal is conditional on Wood Group publishing its delayed results and ensuring that certain debt facilities are not terminated, among other requirements.

 

The British oilfield services firm in April delayed the publication of its annual results due to a pending audit, leading to a temporary suspension of its shares, Reuters said.

 

Earlier this week, Sidara lowered its bid proposal for Wood Group after Britain's Financial Conduct Authority launched a probe into some of Wood Group's contracts and charges.

 

The bid price is a fraction of Wood Group's valuation of around 1.66 billion pounds when it first attracted takeover interest in 2023 from parties including US-based private equity firm Apollo Global Management. 

 

On Friday, the company said its liquidity was insufficient to fund operations and that it planned to pursue further cost-cutting measures through 2025.