Dec 14 Oilfield services company John Wood Group
Plc reaffirmed its full-year EBITA forecast and said it
sees indications of modest recovery in selected markets, but
warned that challenging market conditions are likely to persist
* The company, founded in 1912 as a ship repair and marine
engineering firm, said it expected earnings before interest, tax
and amortisation (EBITA) to be in line with the company-provided
consensus of $370 million for the full-year ended Dec. 31.
* "We are encouraged by the positive rig count movement in
the second half of 2016, although we have yet to see any
significant improvement in activity," the company said in a
* John Wood, which counts BP Plc as one of its
customers, said in August that it expected a 20-percent drop in
* Full-year revenue was expected to be $5.18 billion,
according to company provided consensus on its website. Pretax
profit was expected to be $247 million.
* The company reiterated on Wednesday it would raise its
2016 dividend by double-digit percentage points.
* Oil companies have cut back on spending for exploration
drilling and maintenance, reducing demand for engineering firms
such as Wood Group which provides services such as overhaul of
compressors, pumps, generators and rotating equipment.
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha