Wood Group has been grappling with significant challenges in recent years. Once valued at over £5 billion in 2018, its market capitalisation has plummeted to approximately £300 million. This decline is attributed to continued cash burn and governance issues, notably highlighted in a February trading update. The company's financial struggles have been exacerbated by the resignation of Chief Financial Officer Arvind Balan in February, following the revelation of misstated qualifications. The ongoing Deloitte review and the awaited auditor sign-off of Wood's 2024 accounts by KPMG are pivotal to the progression of the takeover talks. These assessments aim to address the governance weaknesses and negative free cash flow forecasts that have plagued the company. Wood Group's challenges can be traced back to its 2017 acquisition of Amec Foster Wheeler, a move that has since been viewed as problematic.