Nevertheless, the company remains optimistic about the future and CEO Ken Gilmartin emphasizes his plans for growth and improving shareholder value.

The recent failure of a second takeover bid in a year has put pressure on Wood Group’s leadership. Gilmartin has ruled out moving the company’s stock exchange listing to New York, despite calls from some investors, and is focused on delivering on his promises to reduce debt and generate significant free cash flow from 2025.

Wood Group’s share price has suffered from failed takeover bids and general market uncertainty, but the company reported an 8.5% rise in adjusted profit for the first half of the year, offering investors a glimmer of hope.

Mr Gilmartin said: “These results show that we are making further progress in our turnaround. Our strategy continues to target higher EBITDA and a larger backlog, and we are improving the quality of our business through better pricing and higher margins.”

“Our simplification program is progressing apace, and nearly half of the $60 million in annual savings starting next year are already secured. I am also pleased that we achieved all of this while recording our highest ever employee satisfaction, putting Wood in the top quarter of all our peers and demonstrating that our team is focused and driven to help Wood reach its full potential.”

Mr. Gilmartin continued, “Generating sustainable, strong free cash flow remains a key focus for executing our turnaround. Our adjusted operating cash flow has increased during this period and we continue to expect to reduce liquidity constraints going forward. We welcomed Arvind Balan as our new CFO in April and he has brought a renewed focus on liquidity across the business.

“Looking ahead, we remain confident that our strategy, actions and growth potential across all our markets will create significant value for our shareholders. We are pleased to confirm today our outlook for both 2024 and 2025, including the generation of significant free cash flow in 2025.”