Global Markets: Wood Seeing Recovery in Core Oil and Gas Market

Oil Al-mozambiqueminingpost.com7Wood is seeing recovery in its core oil and gas market, the company’s chief executive, Robin Watson, said Tuesday.

“We are seeing recovery in our core oil and gas market and good contract awards in broader industrial sectors. We remain on track to deliver growth in 2018 in line with previous guidance and market expectations,” Watson stated in the company’s half year results statement.

The company reported an operating profit before exceptional items of $125 million for the six month period ended June 30. This compared to an operating profit before exceptional items of $72 million during the same period last year.

Wood registered a total revenue of $5.3 billion and total EBITA of $260 million in its 2018 half year results, up from $2.2 billion and $127 million, respectively, during the same period last year. The company said its order book currently stands at $10.6 billion.

“Wood is delivering strong operational cashflows which underpin our deleveraging plan. We have good revenue visibility and remain confident of delivering a stronger second half,” Watson said in Wood’s half year results statement.

In October 2017, Wood Group acquired Amec Foster Wheeler. Back in October last year, Watson described the acquisition as “transformational”.

Wood describes itself as a global leader in the delivery of project, engineering and technical services to energy and industrial markets. The company operates in more than 60 countries and employs around 60,000 people, according to its website.

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