John Wood claims moratorium on drilling will not dent profits
BRITISH energy services firm John Wood Group said it did not expect the drilling moratorium in the Gulf of Mexico to have a material impact on it this year and expects 2010 results in line with expectations.
The Aberdeen, Scotland-based company said yesterday that improving bidding volumes gave it confidence that there would be a return to growth in its engineering division, and its North Sea-focused production facilities were seeing robust activity.
Wood Group said it expected its well support division’s earnings to be ahead of expectations, driven by stronger activity in the US. But its gas turbines services figures would likely dip because of deferrals by customers.
Around four per cent of the firm’srevenue is related to new deepwater developments in the Gulf of Mexico.