Wood Group has agreed to extend the deal deadline as talks over a takeover from Dubai's Sidara continue.
Sidara approached the Aberdeen oilfield giant regarding a possible takeover at the end of February, with a non-binding, conditional proposal tables and access provided for due diligence checks.
Discussions have been ongoing since, with a fixed deadline meaning any deal must be agreed by 5pm tonight.
But this morning, Wood Group has announced its board has requested, and the panel has consented to, an extention to that deadline.
A company update stated: "Discussions are continuing and the board of Wood has therefore requested, and the panel has consented to, an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood... or to announce that it does not intend to make an offer.
"Such announcement must now be made by not later than 5pm on April 17 2025.
"This deadline can be further extended with the agreement of the board of Wood and the consent of the panel in accordance with Rule 2.6(c) of the Code.
"A further announcement will be made in due course. In the meantime, shareholders are not required to take any action in relation to the possible offer."
It comes as Wood, which has received a combined nine offers from Sidara and private equity firm Apollo in recent years, navigates a turbulent period.
Wood Group’s shares dipped in November after announcing Deloitte had been drafted in to conduct an independent review of its accounts.
Bosses said this month that the review had shown it needed to improve its culture and controls in the light of “identified weaknesses and failures”, while Deloitte’s findings also suggested profits from Wood Group’s projects division may have been overstated in 2023 and prior years.
Wood Group's chief financial officer also resigned after admitting he incorrectly claimed to be a chartered accountant.
Arvind Balan, who joined last April, 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.”