(Reuters) -Wood Group said on Friday Britain’s financial watchdog had begun an investigation into the oilfield services provider, following the company’s announcement last year of an independent accounting review related to some contracts and charges.
Wood Group said the Financial Conduct Authority (FCA) was looking into its operations between January 1, 2023, and November 7, 2024, without giving further details of the review or investigation.
The company, also a takeover target for Dubai-based Sidara, said it would “cooperate fully” with the FCA.
The agency in a separate statement confirmed its investigation, but did not elaborate.
Wood Group in November had agreed with its auditor to conduct an independent review focused on the company’s reported positions on certain contracts with customers, as well as some exceptional charges in its interim results.
In late April, the company missed a deadline to file annual results for 2024, citing the pending audit conclusion and the timing of the culmination of the review.
Wood Group’s shares have been suspended from trading since May 1.
(Reporting by Pushkala Aripaka and Shanima A in Bengaluru; Editing by Sriraj Kalluvila and Leroy Leo)
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