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Wood Group cuts 13pc jobs

LONDON, August 18, 2015

John Wood Group said it had reduced its headcount by 13 per cent since December and saved $40 million in overhead costs in the first half.

The oilfield services company, which reported a 7.4 per cent fall in first-half core profit to $225.9 million, said its outlook for the year remained unchanged.

The company, which has been fighting to cut costs and preserve margins amid low oil prices, said it expected to save more than $80 million in overhead costs this year.  - Reuters




Tags: oilfield | Wood Group |

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