(Reuters) -Wood Group has conditionally agreed to a takeover bid from Dubai-based Sidara, the companies said on Friday, ending a pursuit that spanned more than a year and involved multiple offers and rejections.

The 30-pence-per-share offer, which would value the British oilfield services company at 207.6 million pounds ($280.45 million), is subject to completion of certain exceptional conditions and includes a $450 million cash injection from Sidara.

The embattled Wood Group said its current liquidity was insufficient to fund operations and that it plans to pursue further cost-cutting measures through 2025.

"The current capital structure of the Wood Group is unsustainable," its board said in a statement.

Earlier this week, Sidara lowered its proposal for Wood Group after the Financial Conduct Authority launched a probe into British company's operations.

($1 = 0.7402 pounds)