Wood Group revenue down in H1

Oil and gas services company Wood Group said its total revenue in the first half dropped 19.3 percent to $3.1 billion due to low oil prices.

The company’s profit before tax was down 14.3 percent at $156.3 million from a year earlier.

“Conditions in oil & gas markets remain very challenging,” Bob Keiller, CEO of Wood Group said.

“With little prospect of short term improvement in market conditions, we will focus on remaining competitive and protecting our capability, working with clients to reduce their overall costs, increase efficiency and safely improve performance,” Keiller added.

LNG World News Staff; Image: Wood Group