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Upstream activity down in 1H20 for Wood

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Oilfield Technology,

Wood has said that its upstream and midstream activity was down by 5% in 1H20, compared to a 4% increase in renewables activity during the same period.

Earlier this month the energy services company, based in Aberdeen, UK, made a commitment to reduce scope 1 and 2 greenhouse gas emissions by 40% by 2030.

Like-for-like revenues were down by approximately 11% and adjusted EBITDA was also down by approximately 19%. The company is aiming to achieve overhead costs saving of over US$200 million for FY20.

Robin Watson, Chief Executive, said:

“The global engineering and consultancy market is facing unique and unparalleled challenges in 2020 from Covid-19 and volatility in oil prices. The safety of our people, clients and suppliers remains our top priority through this period. Despite the disruption, we are continuing to successfully win and execute work, supported by our strategy of broadening the business across the global energy market & the built environment. The relative strength we are seeing in chemicals & downstream, the built environment and renewables, where we will double our revenues in 2020, is helping to mitigate the impact of challenging conditions in upstream and midstream oil & gas. We have a proven track record of leveraging our flexible, asset light model at pace to protect margin and in 2Q20 completed the actions required to deliver overhead cost savings of over US$200 million in FY20.”

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