North Sea oil billionaire and Wood Group founder Sir Ian Wood dies as tributes paid
Sir Ian Wood, one of Scotland’s wealthiest people, has died at the age of 84 – the billionaire philanthropist built the Wood Group from a family fishing business into a £5 billion North Sea oil engineering giant
Duke of Edinburgh presenting Sir Ian Wood with a Royal Medal during a presentation at the Royal Society of Edinburgh
Entrepreneur Sir Ian Wood, the billionaire and philanthropist who led the Wood Group firm headquartered in Aberdeen, has passed away aged 84. One of Scotland’s richest individuals, who amassed his wealth in the North Sea oil sector where he developed the engineering and consultancy enterprise, Sir Ian’s relatives confirmed he died peacefully at his home.
The business began as a family fishing operation before Sir Ian assumed control in 1967. Throughout the following decades, he established a distinct engineering firm serving the rapidly expanding North Sea oil sector.
At its peak, the Wood Group was worth over £5 billion, undertaking projects in the energy sector across the globe.
Sir Ian Wood attends the Order of the Thistle Service at St Giles’ Cathedral in Edinburgh
Sir Ian, who stepped down as chairman of the group in 2012, received his knighthood in 1994 for contributions to the oil and gas sector. He was subsequently appointed a member of the Order of the Thistle, Scotland’s most prestigious chivalric honour.
His charitable endeavours were conducted through the Wood Foundation, which he established in 2007.
The foundation participates in numerous investments and charitable initiatives focusing on agriculture and conservation in east Africa, alongside schemes in Scotland.
A statement from Sir Ian’s relatives said: “Sir Ian was a devoted husband, father, grandfather and friend.
Tributes have been paid
“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.”
The family statement continued: “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.
“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.”
The 84-year-old was a husband to Helen for 55 years, a father to Nic, Graham and Garreth, and a grandfather of seven children.
The family thanked the healthcare professionals who cared for Sir Ian, adding: “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’.”
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