Dubai-based Sidara, an engineering and consulting group founded by Lebanon’s Dar Al-Handasah, officially acquired Scottish oil and gas giant Wood, the company announced in a press release on Tuesday.  The deal was valued at £216 million ($290.4 million), with Sidara also set to inject an additional $450 million into the company, the group said.  Headquartered in Aberdeen, Wood is a global consulting and engineering firm operating across the energy and materials sectors, providing services in areas ranging from oil and gas to renewables, hydrogen, carbon capture, chemicals and mining.  Sidara had initially bid £1.6 billion to acquire Wood in 2024 but withdrew from the deal citing market uncertainty. It returned in early 2025 with a lower offer, reaching a takeover agreement in November of the same year, which became official on Tuesday.  The Scottish group has faced financial difficulties in recent years, with its valuation declining and concerns growing over the risk of collapse. In October 2025, an audit report revealed a pre-tax loss of more than £2 billion (about $2.7 billion).  Founded in 1956 by four Lebanese engineering professors from the American University of Beirut (AUB), Dar al-Handasah later established the Dar Group in 1986, launching its international expansion with the acquisition of U.S. architecture and design firm Perkins&Will. Through successive acquisitions, the group has since grown to include 11 core specialist firms, including Wood. In 2023, Dar Group rebranded as Sidara.  Sidara said it intends to develop Wood as its energy and materials division. “Together, the group will deliver the energy security solutions while accelerating the transition to clean energy and decarbonized infrastructure.”  According to the group, its immediate priority will be to stabilize Wood’s operations, strengthen its financial position and invest in its client relationships.  Present in more than 60 countries, the combined group generates more than $8.5 billion in annual revenue. (ICE BEIRUT)

Fonte notizia: L'Orient Today