Sir Ian Wood dies at 84 as Aberdeen mourns oil billionaire
Sir Ian Wood, the Aberdeen-born North Sea oil billionaire who built Wood Group into a global energy giant, has died aged 84. He died peacefully at home surrounded by family on Sunday evening. Ranked among Scotland's richest, he was also a major philanthropist through The Wood Foundation.
Key Takeaways
- Sir Ian Wood died aged 84 at his Aberdeen home, surrounded by family.
- He transformed a family fishing firm into Wood Group, once valued at more than £5 billion.
- The Times 2026 Rich List ranked him third in Scotland, worth almost £2 billion.
- His Wood Foundation backed education, enterprise and East Africa projects.
- First Minister John Swinney said he "helped shape modern Scotland."
Who was Sir Ian Wood and why does his death matter?
Sir Ian Wood was widely seen as Aberdeen's most successful businessman and a defining figure of the North Sea oil era. Born into a fishing family in Aberdeen in 1942, he took over the family business in 1967 and built a separate engineering company serving the booming offshore sector.
At its height, Wood Group was valued at more than £5 billion and worked worldwide. He retired as chairman in 2012. For more profiles in this beat, see our net worth and wealth coverage.
How did Sir Ian Wood make his fortune?
His wealth came from turning a modest fishing enterprise into a global energy services powerhouse. He was knighted in 1994 for services to oil and gas, later joined the Order of the Thistle, and held roles including chancellor of Robert Gordon University from 2004 to 2021.
According to The Press and Journal, he ranked third on The Times' 2026 Rich List with a fortune of almost £2 billion. That placed him among Scotland's richest people while cementing Aberdeen's status as Europe's energy capital.
What tributes have followed Sir Ian Wood's death?
His family described him as a devoted husband, father, grandfather and friend, married to Lady Helen for 55 years, with sons Nic, Graham and Garreth and seven grandchildren. They asked for privacy and thanked healthcare staff who cared for him.
First Minister John Swinney called him one of Scotland's most influential business leaders and philanthropists. Martin Gilbert, founder of Aberdeen Asset Management, said no one had contributed more to the north-east of Scotland. Through The Wood Foundation, founded in 2007, Sir Ian backed education and social impact at home and agriculture and conservation work in East Africa.