Energy services giant Wood Group saw profits up more than 16% for the first half of 2013 after picking up new North Sea and international contracts this year.
The Aberdeen-based saw revenues and earnings grow across its engineering and PSN divisions, although Wood Group GTS saw revenues fall 21% due to an anticipated reduction in power solutions.
Half year profits rose from $160million in the the first half of 2012 to $186.6million in the same period this year, with revenue up 3% to $3.4billion.
The company’s engineering arm received a boost from the continued strength of pipeline work in the UK’s shale gas drive, while strong subsea spending contributed to a 13% increase in revenue, with an estimated 10-15% growth of earnings for the year.
North Sea operations for Wood Group PSN also continued to strengthen after the company picked up major contract renewals with ConocoPhillips, Tottal and Ithaca.
“We have achieved good growth in the first half and remain confident of achieving full year performance in line with expectations,” said chief executive Bob Keiller.
“In March, I talked about our focus on increasing collaboration across Wood Group; this is progressing well and we have already seen new business opportunities driven by people working more closely together.
“Activity levels generally remain healthy and we believe the Group is well positioned for future growth.”
See our full breakdown of Wood Group’s results and exclusive interview with Bob Keiller in tomorrow’s Press and Journal.
Energy services giant Wood Group saw profits up more than 16% for the first half of 2013 after picking up new North Sea and international contracts this year.
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