Aberdeen-headquartered Wood has posted a loss of following its takeover of Amec Foster Wheeler last year.
Losses for the period were $30million after “exceptional costs” of $165million, which included costs for acquisition of Amec Foster Wheeler and restructuring.
However, the energy services giant said its performance was “relatively resilient”, despite “continued challenging conditions in core oil and gas markets”.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $372million, up from $363million in 2016.
Chief Executive Robin Watson said: “2017 was a year of transformational strategic development.
“The acquisition of Amec Foster Wheeler in October brought together two businesses and three brands to create Wood, a global leader in project, engineering and technical services delivery.
“We are a broader business with multi-sector, full service capability across energy and industrial markets and a stronger, more balanced offering in oil & gas. Integration is progressing ahead of schedule with initial cost synergies achieved earlier than plan.
“Financial performance for 2017 is in line with guidance. I am confident we have a unique platform to unlock revenue synergies and generate good longer term growth”
Recommended for you
