15 May 2013
Annual General Meeting Statement ("AGM") and Interim Management Statement
John Wood Group PLC ("Wood Group"), issues the following IMS which the
Chairman, Allister Langlands, will deliver at today's AGM. A trading update for
the first half will be provided on 26 June 2013.
Performance for the year to date is in line with expectations in Wood Group
Engineering and Wood Group PSN. Wood Group GTS is currently behind plan and
this is anticipated to be recovered over the course of the year. Overall, the
Group remains confident of achieving full year performance in line with
Wood Group Engineering is performing well and is on track to deliver EBITA
growth of around 15%. In Upstream, we have recently been awarded the detailed
engineering scope on Anadarko Heidelberg in the Gulf of Mexico and remain
active on a range of other projects including Ichthys and Mafumeira Sul. In
Subsea and Pipelines, we are seeing strong activity across our principal hubs
in the UK, US and Asia Pacific.
Wood Group PSN is performing well in the North Sea, where we have recently
secured important extensions to major contracts with Total and CNR. In the
Americas, our activities in the US shale regions are performing well, including
good contributions from the acquisitions made in 2012. In International
markets, we have recently secured extensions to contracts in Chad and
Australia. In Oman, underlying losses are reducing and we remain confident of
achieving a significant improvement in financial performance for the year.
In Wood Group GTS, our Maintenance business has been affected by delays to
engine overhauls, including secured work in our aero derivative joint ventures,
which are anticipated to be executed in the balance of the year. In Power
Solutions, the forecast outcome on Dorad has been impacted by increased costs
and this is reflected in the year to date position; we have provisional
agreement on a number of change orders which should benefit the full year
position. The NRG and Pasadena contracts are progressing according to plan and
we continue to pursue a number of further opportunities. Overall, we anticipate
that Wood Group GTS will deliver full year EBITA in line with expectations.
Overall, our balance sheet remains strong and we remain confident of achieving
full year performance in line with expectations.
- ends -
Notes to editors:
Wood Group is an international energy services company with around $7.0bn
revenues, employing around 43,000 people and operating in 50 countries. The
Group has three businesses - Wood Group Engineering, Wood Group PSN and Wood
Group GTS - providing a range of engineering, production support, maintenance
management and industrial gas turbine overhaul and repair services to the oil &
gas, and power generation industries worldwide.
Nick Gilman / Andrew Rose / Carolyn Smith 01224 851 000
Patrick Handley 020 7404 5959
-0- May/15/2013 06:00 GMT
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