Global energy services giant Wood Group has recorded disappointing six-monthly results in its turbine activities division – offset by better than expected performance in engineering and production.
Good upstream activity in Europe, the Middle East, Africa and the Caspian has contributed to growth in Wood Group Engineering’s subsea business, while increased shale activity in the US bumped the firm’s onshore performance figures, it said in a preliminary half-year statement.
North Sea operations have benefited Wood Group PSN due to “significant” contract renewals over the previous 18 months.
The company has also started work in Papua New Guinea which it is looking to accelerate in the second half of the year, while it pulls out of Oman, where it has been making a loss on the Petroleum Development Oman pipeline engineering and maintenance unit.
But financial performance in the turbine joint venture is “behind plan”, Wood Group reported, with the forecast improvement in the next few months not expected to meet original targets.
The group has not changed its full year EBITDA forecast, which it expects to surpass the 2013 figure.
In a separate statement the company confirmed the retirement of its group HSSE director, announced in September last year.
Mike Straughen will step down from the Wood Group board on August 31.
He took over the HSSE role in October 2013 after six years in the group director for engineering post.
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