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It’s still not easy being in the oil services business.
Wood Group, which is on track to take over rival Amec Foster Wheeler, said in a statement ahead of its annual general meeting today that the market has “continued to present challenges”. It had predicted that its performance in the year so far would be down from 2016, but says results so far have been “weaker than anticipated”.
Improved activity levels in offshore greenfield project engineering and commissioning in the West, have been more than offset by weaker activity elsewhere including further reductions in North Sea Projects & Modifications work in the East.
The company expects a pick-up later this year that should help it to match full-year guidance.