SCOTTISH billionaire and oil baron Ian Wood has died aged 84.
The businessman passed away at his home in Aberdeen on Sunday, July 26, five days after his 84th birthday.
Wood made his fortune by turning his family’s Aberdeen fishing and boat-repair business into Wood Group, a global oil and gas services company.
After retiring from the firm, he focused on philanthropy and north-east economic development, most notably through The Wood Foundation, Opportunity North East, and Energy Transition Zone Ltd.
In May, Wood and his family were ranked third on Scotland's rich list, with an estimated fortune of £1.876 billion, according to The Sunday Times.
“The Wood family is deeply saddened to announce the death of Sir Ian Wood (84), who passed away peacefully at home, surrounded by his family," a statement from Wood’s family said.
“Sir Ian was a devoted husband, father, grandfather and friend. While many knew him as an entrepreneur, philanthropist and one of Scotland's most influential business leaders, those closest to him will remember above all his kindness, generosity, determination and unwavering commitment to his family.
“Born and raised in Aberdeen, Sir Ian dedicated his life to building opportunities for others. Through the growth of the business that bore his family name and through decades of philanthropic work, he sought to create lasting positive change both in Scotland and around the world.”
It went on: "His commitment to education, enterprise and social impact led to the creation of The Wood Foundation and numerous other initiatives around the world, which have helped young people, communities and families realise their potential.
"He believed in finding the right balance between what you do for yourself, and what you do for others; he felt deeply that good fortune in life carries with it a responsibility to help others realise their own full potential.
"Despite his many achievements and honours, Sir Ian remained proudest of his family. He was a devoted husband to Lady Helen for 55 years, a loving father to Nic, Graham and Garreth, and grandfather to their seven children.
"He was not only a source of wisdom, encouragement and strength to his family, but to so many others who knew him. The family would like to express their heartfelt gratitude to the healthcare professionals who cared for Sir Ian and to the many people and colleagues around the world, who have offered support, friendship and kindness throughout his life.
"Sir Ian's legacy will live on through the countless lives he touched, the organisations he helped build and the values he championed throughout his life.
"The family respectfully requests privacy at this time as they mourn his loss.
"May the tea in Heaven always be ‘extra hot’."
Wood was educated at Robert Gordon’s College and the University of Aberdeen, graduating with a first-class degree in psychology in 1964.
He then joined the family fishing and marine services business, John Wood & Son, becoming managing director by 1967.
He remained chairman of the legacy business, The Don Fishing Company Ltd, until his death. However, it was Wood’s reorientation of the family business towards the needs of the emerging North Sea oil industry that was to define his own career and shape his city’s fortunes over the following decades.
Wood Group became a stand-alone company in 1982, delivering engineering, oilfield logistics and drilling services to domestic and global markets.
In the 1988 Piper Alpha disaster, 39 Wood Group employees were among the 167 men who lost their lives. Wood was deeply affected by the tragedy, and became a champion of improved offshore safety.
In 2002, Wood Group went public, joining the FTSE 100 a few years later. When Wood stepped down as chief executive in 2006 and as chairman in 2012, Wood Group plc was operating in over 50 countries worldwide and employed over 42,000 people.
Wood was appointed CBE in 1982 and knighted in 1994.
He also became a driving force in efforts to invigorate Aberdeen. He was chancellor of Robert Gordon University from 2004 to 2021, and chaired two not-for-profit private-sector-led economic development companies, Opportunity North East and Energy Transition Zone Ltd, enabled by over £100 million of support from The Wood Foundation. These initiatives were built on his experience chairing Scottish Enterprise from 1997 to 2000.
In 2013, for the UK Government, he led a review of UK oil and gas recovery and its regulation. The Wood Review (2014) led to a new strategy for maximising economic recovery from the UK continental shelf and the establishment of what is now the North Sea Transition Authority.
Also in 2013, Wood was invited by the Scottish Government to chair the Commission for Developing Scotland’s Young Workforce, which called for improvements to vocational education to strengthen the relationship between education and employers and continues to shape opportunities for young people across the country. Further honours were bestowed.
He was made Knight Grand Cross of the Order of the British Empire in 2016, and in 2018 became a Knight of the Order of the Thistle, personally granted by Queen Elizabeth in recognition of his distinguished service to national life.
