Wood Group six-month profit plummets

Aberdeen-based LNG engineer Wood Group reported a plunge in profit for the first six months as challenging conditions continue in the North Sea market. 

The company reported a profit of $6 million, dropping 86.7 percent from $45 million reported in the first six months of last year.

Profit for the period was impacted by exceptional costs of $47.6m, including $25.2m in respect of costs relating to the acquisition of Amec Foster Wheeler.

Although the market continues to present challenges, the company expects a stronger second half performance in 2017.

Wood Group also expects to complete the Amec Foster Wheeler transaction in the fourth quarter of 2017, Robin Watson, the company’s chief executive said.

The company aims to create a global leader in project, engineering and technical services across a broad range of industrial sectors, the largest of which will be oil and gas.