In the annals of stock market history there can be few deals as disastrous as Wood Group’s (WG.) merger with Amec Foster Wheeler.

The tie-up, which took place in 2017, has caused a plethora of problems for Wood Group in the interim and, combined with industry-wide structural pressures, has seen its market value collapse.

The shares fell to a new all-time low after a weaker-than-expected fourth-quarter trading update on 14 February and news that an independent review had found financial, cultural, governance and control failings.

While the company said it had taken action in response to the soft performance, including cancelling executive and employee bonuses, it is still predicting negative free cash flow of $150 million to $200 million in 2025 which means it needs to dispose of assets to help cover the outflow.

Chief executive Ken Gilmartin said: ‘While we have made progress, I am disappointed in our financial performance. Consequently, we are taking decisive actions to ensure we can meet the opportunities we have in growing markets, principally energy.’

Wood has a huge job to rebuild its credibility with the markets to the point where it can put its problems behind it and focus on the opportunities in front of it.