Billionaire energy tycoon and philanthropist Sir Ian Wood dies aged 84

Billionaire energy tycoon Sir Ian Wood has died at the age of 84.  The businessman and philanthropist ran the Wood Group in Aberdeen and became one of Scotland’s wealthiest people.

He earned his fortune in the North Sea oil industry where he built up the engineering and consulting company. His family said he died peacefully at his home on Sunday.

The company started as a family fishing business before Sir Ian took over in 1967. Over the next decades, he formed a separate engineering company servicing the rapidly-growing North Sea oil business.

At its height, the Wood Group was valued at more than £5billion, carrying out work in the energy industry around the world.

Sir Ian, who retired as chairman of the group in 2012, was knighted in 1994 for services to the oil and gas industry.

He was later made a member of the Order of the Thistle, Scotland’s highest order of chivalry. His philanthropic work was carried out through the Wood Foundation, which he founded in 2007.

Sir Ian Wood at the Order of the Thistle service in Edinburgh’s St Giles’ Cathedral in 2024

The foundation is involved in a number of investments and charitable work around agriculture and conservation in east Africa, as well as projects in Scotland.

A statement from Sir Ian’s family said: ‘Sir Ian was a devoted husband, father, grandfather and friend.

‘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.’

He 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 H๏τ”.’

Scottish Secretary Douglas Alexander said the country had lost one of its ‘finest’ and added: ‘Sir Ian Wood was one of Scotland’s finest sons. Ian was a giant of Scottish business, philanthropy and society. A proud son of Aberdeen, he was a tireless advocate for the Granite City and its people.

Sir Ian Wood outside the headquarters of the Wood Group in Aberdeen

Sir Ian oversaw the family firm’s expansion into North Sea oil during the boom years of the 70s

‘Personally, it was a privilege to be able to know him, work with him on his philanthropic endeavours, and like so many Scots, I mourn his pᴀssing. 

‘My thoughts today are with Lady Helen, Nicholas, Graham, Garreth and the whole family for whom his loss will be most keenly felt.’

Scottish Conservative MP for Aberdeen South, Douglas Lumsden, said Sir Ian had been a ‘champion’ of the North East and added: ‘Scotland has lost a true guiding light of its business community.

‘Sir Ian was a champion of everything North East, both as a paragon of its economy but also as a philanthropist who did so much good at home and abroad. 

‘He and his workers around the world forged an international reputation for excellence in energy.

‘The Wood name also meant a helping hand to communities, wherever it went. It was an honour to listen to Sir Ian and learn from him when I served on the boards of Opportunity North East and the Aberdeen City Region Deal.

‘I would like to offer my condolences to Lady Helen and the Wood family at this difficult time.’