Wood Group still in demand
OIL companies are continuing to sweat their existing production projects, meaning services giant Wood Group is on track to hit market targets this year.
Lower commodity prices have caused investment in oil exploration to plunge, but Aberdeen-based Wood said demand for its production-related businesses, which supports existing oil and gas producing assets, remain "robust". More than 55 per cent of Wood's revenue comes from work with projects that are already operating.
Elsewhere, Wood said new projects continued to be delayed, however the recent fall in drilling in the United States appeared to have stabilised. Scotland's largest oil services group is expected to report underlying earnings of $356 million in 2009.
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Monday 20 February 2012
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