Wood Group set to meet growth forecasts despite turbine delays

City A.M. Reporter
ENERGY services company John Wood Group said yesterday delays in its gas turbines division should recover by the end of the year to allow the group to meet forecast growth of 15 per cent for 2013.

The company, which designs, builds and maintains oil and gas facilities and pipelines, said its gas turbines producing division, Wood Group GTS, was currently behind schedule due to delays to engine overhauls but is expected to recover over the rest of the year.

The engineering division and Wood Group PSN – which offers services to brownfield energy projects – were performing in line with expectations, the company said, with growth coming from the North Sea and shale in the United States.

Wood Group said it expected about 15 per cent underlying growth in 2013.

European peers such as Norway’s Aker Solutions and Italy’s Saipem both issued profit warnings earlier this year.

“Our balance sheet remains strong and we remain confident of achieving full year performance in line with expectations,” chief executive Allister Langlands told investors at the company’s AGM yesterday.