The Wood Group has responded to reporting critical of expansion in its oil and gas divisions, following a £430m, UK Government-backed Green Transition Loan.
The Aberdeen-headquartered engineering group grew its upstream oil and gas business by 17%, so that it accounted for more than $3bn in revenue during 2022, up from $2.6bn in 2021, according to analysis by the Guardian and the investigative journalism organisation Point Source.
The article claimed that during the same period, Wood reduced the size of its renewable, hydrogen and carbon capture business units by 35%, so that they only accounted for revenues of $222.8m in 2022, down from $344.6m in 2021.
