Revenues drop 16% for group

A reduction in brownfield modification work in the North Sea as operators reined in spending contributed to a near-16% drop annual in revenues at Aberdeen-based services giant Wood Group, writes Rob Watts.

Kanfa buy

Newly merged engineering contractor TechnipFMC has acquired Sevan Marine’s Kanfa topsides and process technology division.

WorleyParsons into the red

WorleyParsons suffered a net loss of A$2.4 million (US$1.84 million) for the six months ended 31 December 2016 amid a 35% drop in revenue, but indicated that customer sentiment is improving.

Impairment for Boskalis

Dutch marine transport player Royal Boskalis Westminster is to take an €840 million ($891.9 million) non-cash impairment charge in its 2016 annual results due to “strongly deteriorated” current and future market conditions in the offshore oil and gas sector.