Another Year of Good Growth for Wood Group

Wood Group, an international energy services company, comprised of Wood Group Engineering, Wood Group PSN and Wood Group GTS, reports good growth with EBITA up 16%.

Wood Group

Wood Group announced financial growth and progress in all sectors. Total Revenue of USD 7.064,2 million is up 3%, compared to 2012. Total EBITA of  USD 533 million is up 16%, and profit before tax is up 14%. Shareholders can expect 29% growth in dividend, compared to 2012.

Wood Group reported USD 276 million in strategic investment, including acquisitions of Elkhorn in US shale market and enhanced differentiation in gas turbine activities through joint venture with Siemens.

Individually, Wood Group Engineering reported growth in all three areas: upstream, subsea & pipeline and downstream; Wood Group PSN reported growth in North Sea, strong growth in the Americas led by US onshore shale related business, reduced losses in Oman and US onshore shale to benefit from contribution of Elkhorn; Wood Group GTS reported improvements in maintenance performance and completion of Siemens joint venture anticipated in H1 2014.

Bob Keiller, CEO,  commented: “2013 represents another year of good growth for Wood Group. In my first full year as CEO, the leadership team and I have considered the Group’s strategy which remains sound and positions us well for the longer term. We are predominantly an upstream oil and gas services business and our intention is to broaden and deepen the services we can offer in this sector. We have reviewed all parts of the Group from three perspectives: risk profile, current and future financial performance and strategic fit with the Group overall, and this has resulted in a number of actions including the acquisition of Elkhorn and the joint venture with Siemens. Looking to 2014, our mix of opex and capex activities and the contribution of completed acquisitions is expected to lead to growth overall.”

Full financial report presented here

Press Release, February 18, 2014; Image: Wood Group