Wood Group 1st Half Performance Down; Remains Cautious on Fiscal Year Outlook
29 Juin 2017 - 9:18AM
Dow Jones News
LONDON--John Wood Group PLC (WG.LN) remains cautious on its full
year outlook the company said Thursday as it reported that its
first half performance is down on 2016 and weaker than
anticipated.
The energy services company said for the six months to June 30,
it experienced continued challenges in its core oil & gas
market with modest recovery only in certain areas.
Robust activity in the West including improved performance in
offshore greenfield project engineering and commissioning is being
more than offset by weaker activity in the East, where the company
has seen a further reduction in projects & modifications work,
particularly in the North Sea, the company said.
Wood Group said the impact of the tougher pricing environment in
2016, partially offset by the enduring benefit of structural cost
reductions achieved in the last two years, will result in a
reduction in first half margin as expected.
"We are more cautious on the full year outlook but anticipate a
stronger second half," the company said.
Also Thursday, Wood Group said it has been awarded a
multi-million dollar contract by Husky Energy Inc., to complete
detailed engineering for the topsides of White Rose, a concrete
gravity-based structure wellhead platform planned for offshore
eastern Canada.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
June 29, 2017 03:03 ET (07:03 GMT)
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