Sir Tom Hunter and Lord Willie Haughey have paid tribute to Sir Ian Wood in the latest instalment of the Great Scots series on the Go Radio Business Show.

Sir Tom said: “It’s a fantastic story to build a global oil and gas business from Aberdeen. It reminds me of the stories of people from the old days – this pioneering spirit that saw Scots go into the world and punch above their weight.

“Ian and his family are also signatories of The Giving Pledge – so we also see Scots punching above their weight again in the philanthropic stakes. I’m delighted to hear about Ian on this and more power to his elbow!”

Sir Ian was born in Aberdeen on July 21, 1942. He was educated at Robert Gordon’s College and the University of Aberdeen, where he graduated with a first class honours degree in psychology in 1964. Although determined to become a doctor, he joined John Wood & Son, the family fishing company, to help his father.

Within five years he became CEO and, with the discovery of North Sea oil in 1969, began to diversify the business, developing engineering facilities with staff able to service and maintain offshore platforms.

In 1982 he split John Wood & Son into two companies: JW Holdings and the John Wood Group. When Sir Ian stepped down, the Wood Group had a presence in 50 countries and 60,000 employees. His net worth is estimated to be over £1.7 billion pounds.

Lord Haughey said: “This is a perfect example of Scots being nimble and fast on their feet. The minute an opportunity became available, he pounced on it. This is what Scots do. The business has flourished and grown. No one deserves more to be among the Great Scots than Sir Ian.”