Sir Ian Wood, chairman of the eponymous oil services giant, will be presented with a special lifetime achievement award at this year's Oil & Gas UK Awards on November 8.
Malcolm Webb, Oil & Gas UK's chief executive, said: "Sir Ian Wood is one of this country's greatest industrial leaders. Over the past 40 years he has played a crucial role in the growth of the UK's immensely important offshore oil and gas industry."
Mr Webb said the announcement that Sir Ian was retiring had led to a strong desire to recognise his contribution.
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