Billionaire Sir Ian Wood, who made his fortune in the North Sea oil industry with the Wood Group company, has died at the age of 84.
Sir Ian was one of Scotland’s wealthiest people.
He studied psychology at Aberdeen University and contemplated a career in academia before taking over the family business in 1967, turning the Aberdeen-based company from a fishing operation into an engineering and consulting giant.
Over the following 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 £5 billion and carried out work in the energy industry around the world.
Sir Ian died peacefully at his home, his family said.
The billionaire previously told The Independent that he found his psychology studies helpful for succeeding in business.
“Business is all about understanding people’s motivations. But people often hide their real feelings behind a front,” he said.
He also worked for 16 hours a day for much of his career, was a teetotaller and stayed fit, enjoying squash, tennis, and walking.
In 1984, Aberdeen University awarded him an honorary doctorate in law.
The billionaire, who retired as chair 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.
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.
In 2024, the Sunday Times Rich List ranked Sir Ian and his family in third place on the list of Scotland’s wealthiest people.
The newspaper said that their fortune had increased by £91 million to just over £1.9 billion.
“Sir Ian was a devoted husband, father, grandfather and friend,” a statement from his family said.
“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.”
