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