INTERNATIONAL energy service company Wood Group said yesterday it was well positioned to deliver good longer-term growth.
The Aberdeen firm reported in an interim management statement that commodity prices had remained at favourable levels for its customers and it continued to see good momentum, despite financial market volatility.
It added: “Overall, the group’s performance for the year to date is in line with expectations. Growth in engineering continues to be driven by our upstream and subsea and pipeline activities. Our backlog and bidding pipeline remain robust.
“In Wood Group PSN, we are seeing good activity levels in the North Sea and North America. In international markets, as previously reported, performance for the year to date has been held back by start-up delays in Australia and Oman.
“In GTS (gas-turbine services), we are confident of delivering an improved second-half maintenance performance and have started recognising profit on our EPC (engineering, procurement and construction) contracts with Dorad and GWF.
“Our financial position remains strong and we anticipate good cash flow for the second half.”
Wood – which employs more than 36,000 people worldwide – said it continued to anticipate that its full-year performance would be in line with expectations and believed it was well positioned to deliver good longer-term growth.
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