Wood Group profits jump on global E&P spending

Strong results: Wood Group chief executive Bob Keiller

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Danica Newnham

 05 March 2013 10:32 GMT

UK-based engineering giant Wood Group has posted a jump in profits for the year ended 31 December 2012, attributing the rise to an increase in spending from oil and gas companies.

The company recorded earnings before interest, taxes and amortisations (EBITA) of $461.1 million, up 35% from last year, and said it expected its engineering division to deliver about 15% EBITA growth in 2013.

“This (outlook) is supported by our current order book, prospects in a number of key regions, including the Gulf of Mexico, the Middle East, the Norwegian North Sea and Asia Pacific, and our view on the overall market which should benefit from the forecast increase in (exploration and production capital expenditure) in 2013 of around 7%,” Wood Group chief…

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