Skip to main contentSkip to navigation Close dialogue1/1 Next image Previous image Toggle captionSkip to navigation Aberdeen-based Wood Group, which carries out engineering and consulting work on oil rigs, has been dealing with the accounting fallout since 2024. Photograph: Abermedia/Michal Wachucik/PA View image in fullscreen Aberdeen-based Wood Group, which carries out engineering and consulting work on oil rigs, has been dealing with the accounting fallout since 2024. Photograph: Abermedia/Michal Wachucik/PA UK oil firm fined £13m for repeatedly publishing inaccurate financial resultsWood Group’s ‘desire to maintain previously stated financial results’ influenced inaccurate reporting, says regulator John Wood Group has been fined nearly £13m for repeatedly publishing inaccurate financial results.The FTSE-listed oil and has engineering company, which is soon to be bought by a Dubai-based rival, has previously admitted that “cultural failings” led to information being kept from auditors.On Wednesday, the Financial Conduct Authority handed Wood Group a £12.9m fine for inaccurate reporting between January 2023 and November 2024. The watchdog began an investigation into the firm in June last year.The FCA said: “Following the poor performance of certain projects, Wood Group’s accounting judgments were inappropriately influenced by its desire to maintain previously stated financial results.”The watchdog added that the company did not have “adequate systems, controls or procedures to prevent this from happening”. It would have fined Wood Group £18.5m, but…
Published: March 4, 2026 2:04 pm
Source: The Guardian — Read original