Energy services giant Wood Group says it remains on course of hitting 2013 targets after being boosted by North Sea and overseas operations.
The Aberdeen-based group said it expects cash flow to improve in the second half of the year, with the company’s engineering arm looking at between 10% and 15% growth this year.
The company’s Ichthys project in Australia and Mafumeira Sul development in Angola are set to be completed by the end of the year, although weakening demand in Canada left Wood Group’s operations in the country ‘subdued’.
But the ongoing success of the company’s shale gas operations in the US has proved a driver in the expected second-half growth.
“Growth is being led by our US onshore shale related business, where we now have over 1,900 people,” the company said in a stock market statement.
“Activity levels in the North Sea remain robust, following a significant number of contract renewals during the period. Internationally, we have begun to mobilise our brownfield engineering and procurement contract with ExxonMobil in Papua New Guinea.”
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