The chief financial officer of under pressure oilfield services firm Wood Group has resigned after admitting to providing an incorrect description of his qualifications. It marks a fresh blow to London-listed Wood Group, which has seen shares lose almost 65 per cent of their value in 2025 after issuing a profit warning last week.
Aberdeen-based Wood Group, which is currently undergoing a cost-cutting restructure, told investors on Thursday that Arvind Balan had left the firm with immediate effect. It followed ‘the incorrect description of his professional qualifications in various statements in the public domain’.
Balan, who joined Wood Group less than a year ago, said he’d made ‘an honest oversight’ by describing his professional qualification as a chartered accountant ‘instead of a certified practicing accountant’. He added: ‘I continue to believe in the long-term potential of the company and its people. My decision is based on minimising distraction at this very pivotal time with our investors and lenders.’.
Wood Group hit with more bad news as finance boss departs. Wood Group said an announcement on his successor, and interim cover, will be made 'in due course'. Separately, Wood Group said it had been awarded a $120million contract extension by Shell UK. The two-year, cost-reimbursable contract extension covers the Shell UK-operated St Fergus and Mossmorran onshore terminals and the Nelson, Gannet and Shearwater offshore assets.
Boss Ken Gilmartin said: ‘We are proud to continue our decades-long relationship with Shell in the UK, focusing on the continued delivery of safe, reliable energy supply. ‘The extension is recognition of our people and their commitment to deliver best-in-class outcomes for our clients.’.
But Wood Group shares fell 1.3 per cent to 23.94p in early trading, having fallen more than 80 per cent over the last 12 months. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
