Wood Group Takes Profit Dive

Oilfield services player Wood Group has seen its profit in 2016 chopped by some 62 percent against prior comparable period.

The Aberdeen-based firm recorded full-year profit of $34.3 million, versus $90 million in 2015.

Revenue in 2016 fell 16 percent at $4.93 billion compared to $5.85 billion generated in 2015.

Wood Group delivered EBITA of $363 million, down close to 23 percent on 2015.

Drop in EBITA was partly offset by 18 percent headcount reduction and overhead cost reduction of $96 million.

Despite working on a number of early stage tieback and verification scopes, the company noted it has seen significant reduction in its subsea services, as there are minimal large projects coming to market.

The subsea market remains very subdued for larger projects and it is likely there will be lower activity in 2017.

“The oil & gas market continues to present challenges and we remain cautious on the near term outlook,” said Robin Watson, chief executive of Wood Group

Subsea World News Staff

 

Share this article

Follow Subsea World News

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

3rd Deepwater East & Southern Africa Congress 2017

The past successful two series has gathered around 600 industrial professionals, while most of which thought this event informative and useful…

read more >

Offshore Technology Conference (OTC) 2017

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific…

read more >

OFFSHORE WIND CONNECTIONS 2017

The focus of OWC2017 is on the Yorkshire and the Humber region, which is at the epicentre of the offshore wind industry, and where billions…

read more >

19th Asia Oil and Gas Conference (AOGC 2017)

A high level congregation that needs no introduction, the Event brings forth strategic discourses from global industry captains…

read more >