John Wood Group PLC is a market leader in engineering design, production enhancement and support, and integrated industrial gas turbine maintenance services for customers in the oil & gas and power generation industries around the world. Wood Group employs approximately 35,000 people1 and operates in over 50 countries.
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Wood Group PSN
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In their half year report, Sir Ian Wood, Chairman , and Allister Langlands, Chief Executive, of Wood Group , state:
“ The Group has delivered good growth in the first half and anticipates that full year performance will be in line with expectations.
“The first half of 2011 has been a period of exciting change for the Group as we completed our strategic repositioning to focus on world leading positions in engineering, production facilities support and gas turbine services. Following the acquisition of PSN, the disposal of the Well Support division and the return of cash to shareholders, we are well positioned to deliver good longer term growth.
“Market conditions have continued to improve during the period with global exploration & production spending forecast to increase in 2011 and 2012. Despite the recent volatility in financial and commodity markets, we continue to see good momentum across our business.
“The longer term fundamentals for oil & gas development & production, and gas fired power generation remain strong. Reflecting continuing confidence in our longer term outlook, we have declared a 15% increase in the interim dividend.”
[mappress] Source: Wood Group, August 23, 2011