Robust North Sea operations and a booming US shale market were credited for Wood Group’s revenue uplift.
The firm’s profit was up 15% topping out at $182.4million for the first half of the year.
The first two financial quarters also triggered a sequence of critical contract wins for Wood Group PSN.
Growth in Pyeroy, which was acquired in July 2013, a five year renewal with Talisman Sinopec, a new contract with Iona Energy and a contract extension with Chevron North Sea all contributed to the increased numbers.
A higher margin in US shale activity played a critical role in Wood Group PSN’s 22% revenue gain. The Americas now represents the largest region contributing to Wood Group PSN’s EBITA – producing $500million of revenue to date.
Chief executive Bob Keiller said: “We have seen strong performance in our PSN Production Services activities in the US shale market, offset by an anticipated lower contribution from upstream engineering and weaker than expected performance in our turbine activities. Overall, the outlook for the group for the year remains unchanged from the position outlined at our December 2013 trading update; we continue to anticipate full year EBITA to be in line with expectations and up on 2013, led by growth in PSN Production Services.”
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