Sir Ian Wood, the Aberdeen-born entrepreneur who turned a family fishing and repair yard into the global energy services firm Wood Group, has died aged 84. He retired from day-to-day executive duties in 2006 and founded The Wood Foundation in 2007 to tackle social and economic inequality in Scotland and parts of sub-Saharan Africa. Wood Group was once valued at over £5bn and was recently sold to a Dubai-based buyer; Sir Ian’s personal fortune was estimated at about £1.8bn. Leaders across politics and industry paid tribute to his influence on the North Sea energy sector, his philanthropy and his devotion to Aberdeen and family.
Sir Ian Wood, Aberdeen Businessman and Philanthropist, Dies Aged 84 — Builder Of Wood Group
Businessman and philanthropist Sir Ian Wood dies aged 84
Sir Ian Wood, the Aberdeen-born businessman and philanthropist who transformed a small family fishing and repair yard into the global energy services company Wood Group, has died aged 84, his family announced. He died peacefully at home; his family remembered him for his "kindness, generosity, determination and unwavering commitment to his family."
From Fishing Yard To Global Energy Player
Born in Aberdeen in 1942, Sir Ian took charge of John Wood and Son in 1967 and steered its evolution from a coastal marine concern into Wood Group, an engineering and services firm closely tied to the growth of North Sea oil and gas. The company floated on the stock market in 2002 and at its peak had a market value above £5bn, undertaking projects across the energy sector worldwide. Sir Ian stepped down as chief executive in 2006 and retired as chairman in 2012. The Wood Group was recently sold to a Dubai-based buyer.
Philanthropy And Public Service
In 2007 he founded The Wood Foundation, focusing on reducing social and economic inequality in Scotland and supporting agricultural, conservation and development projects in east Africa. Sir Ian was knighted in 1994 for services to the oil and gas industry and was later appointed to the Order of the Thistle, Scotland's highest order of chivalry. He also led the 2013 Wood Review, which influenced the creation of the North Sea Transition Authority.
Personal Life And Legacy
Educated at Robert Gordon's College, Sir Ian earned a first-class honours degree in psychology from the University of Aberdeen in 1964. He remained engaged with the family’s legacy business, the Don Fishing Company Ltd, serving as its chairman until his death. He was married to Lady Helen for 55 years and is survived by three sons — Nic (also referred to as Nicholas in some tributes), Graham and Garreth — and seven grandchildren. His personal fortune was estimated at around £1.8bn.
"Sir Ian was a devoted husband, father, grandfather and friend. While many knew him as an entrepreneur and philanthropist, those closest to him will remember above all his kindness, generosity, determination and unwavering commitment to his family," the family said.
Tributes
Political and industry leaders paid tribute to Sir Ian’s impact on Scotland and the energy sector. Scotland’s First Minister described him as one of the country’s "most influential business leaders and philanthropists," praising his role in establishing Scotland as a centre of energy expertise and his advocacy for economic development in the North East. Industry figures also credited him with shaping the offshore energy sector and supporting a managed transition toward lower-carbon energy while urging pragmatic approaches to North Sea resources.
Sir Ian’s combination of entrepreneurial success and sustained philanthropy leaves a lasting legacy in business, public life and international development.
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