It has been reported that Aberdeen-headquartered engineering firm Wood Group (LON: WG) is planning to make hundreds of job cuts.
Sky News reports the firm has plans to cut 200 jobs as part of a new cost efficiency programme to be announced alongside its full-year results next week.
Wood Group has no comment when contacted for comment by Energy Voice.
The report, citing unnamed sources, said the cuts are expected to affect “white-collar workers globally”.
Wood Group has around 36,000 employees around the world.
The firm has been making job cuts as part of efficiency measures in recent months.
In February, the company confirmed 34 jobs were being cut across the UK, including 22 in Aberdeen, to “drive efficiency”.
Wood is also divesting parts of its business, revealing the prior month its plans to offload Ethos Energy, set up in 2014 to be a “gas turbines giant” which today has 4,000 staff globally.
Other portfolio shifts recently have included the sale of its built environment business to cut debt and the sell off of its Gulf of Mexico labour operations.
In a January full-year trading update, Wood praised “clear progress” in key areas including revenue, EBITDA, cash generation and order book.
However analysts said net debt remained the “frustrating key item” sitting at $680m, 8% higher than consensus estimates.
CEO Ken Gilmartin told Energy Voice in January that Wood has always been focused on debt and we will continue to be focused on debt,” pointing to operating cash flow having significantly improved year-on-year by around $275m.
The job cuts report comes a year after private equity giant Apollo Global Management pulled out of a takeover bid for Wood after several offers were made.
Shares in the engineering firm are down 7% in the last six months, and down 24.5% over the last year.
In the same report Wood denied claims Mr Gilmartin could relocate to the US, following other senior executives who have.
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