Saturday, June 26, 2010

John Wood looks for oil acquisition targets

By Rowena Mason, City Reporter (Energy) Published: 6:15AM GMT 03 March 2010

Wood Group (John)

Pre-tax enlarge forsaken by a third to $264.8m on income down 6pc at $4.93bn. It was strike by debility in the engineering market, reduce healthy gas prices and companies loitering projects.

Allister Langlands, Wood Group"s arch executive, pronounced he was seeking for "opportunistic acquisitions" in places such as Saudi Arabia and Abu Dhabi, Malaysia and Angola.

The association pronounced it expects the engineering activities to redeem in the second half of the year.

Activity has not long ago picked up in the oil and gas zone following a 15pc decrease in spending on scrutiny and prolongation in the recession.

The oil cost was 60pc reduce last year than in 2008, but it has recovered to float around the $70-80 per tub range from a low of $40 at the bottom of the downturn.

The series of US rigs in operation has risen from 800 to 1,300, but pricing is still reduce than at the rise in 2008.

Wood Group, that is formed in Aberdeen, pronounced it would enlarge the division by 11pc, with a remuneration of 6.9 cents receiving the year sum to 10 cents.

The association is right away formulation to enlarge the imagination in purify appetite services to element the oil and gas offering.


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