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>

<< Oct 2019 >>
MTWTFSS
30 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 31 1 2 3

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

read more >

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >