Energy services company Wood Group has announced that Arvind Balan has resigned as chief financial officer with immediate effect after it emerged that his professional qualifications had been incorrectly described in public statements.

Mr Balan, who joined the company last year, admitted to an ‘honest oversight’ in referring to himself as a chartered accountant rather than a certified practicing accountant.

He said his decision to step down was aimed at “minimising distraction” for the company as the company deals with unsettled shareholders.

Mr Balan said: “Regrettably, I made an honest oversight with respect to the description of my professional qualification as a chartered accountant instead of a certified practicing accountant.

“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”.

Mr Balan 15 April 2024 joined the Aberdeen company from a similar positoin at the civil aerospace business of Rolls-Royce.

Prior to this, he held a number of executive financial leadership roles at Shell where he worked for 14 years across the UK, Singapore and China.

The Wood Group website states he was a chartered accountant with an MBA from the Indian Institute of Management. He was based in London.

Ken Gilmartin, chief executive, said: “On behalf of the board and the company, I would like to wish Arvind all the best in his future endeavours”.

The company said an announcement on his successor, and interim cover, will be made in due course.

Wood has had a difficult few days following the 55.6% plunge in its share price last Friday to 29p in response to a weak trading statement and an update on a review into its corporate governance. The shares closed tonight 16% lower at 24.26p.

It said it was implementing $85 million of annualised cost savings from 2026, alongside previously announced $60 million cuts in 2025. It is considering refinancing options to offset cash outflows and mounting liabilities.

The company expects negative free cash flow of between $150 million and $200 million in 2025 and plans to raise up to $200 million through asset disposals.