Feb 21 Oilfield services company John Wood Group
Plc reported a 62 percent fall in its 2016 profit as weak
oil prices continued to force oil producers to slash spending.
Shares in the company fell as much as 10 percent to 736.50
pence in morning trade on the London Stock Exchange.
John Wood Group's profit fell to $34.4 million for the year
ended Dec. 31, from $90.1 million a year earlier.
The company said it expected EBITDA margin, which fell to
7.4 percent in 2016 from 8 percent the year before, to fall
further by the end of the current year.
However the UK-based company said it was seeing signs of a
potential uptick in onshore spending in North America, as the
rig count in the United States rises.
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha