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| Wood Group cuts 5,000 jobs on oil price fall | Wood Group cuts 5,000 jobs on oil price fall |
| (35 minutes later) | |
| Oil services firm Wood Group has cut 5,000 jobs this year as the fall in the price of oil has hit profits. | Oil services firm Wood Group has cut 5,000 jobs this year as the fall in the price of oil has hit profits. |
| Pre-tax profit for the first six months of this year was $160.2m (£102.9), down from $233.3m a year earlier. Total revenue was down almost 20% at $3.1bn. | Pre-tax profit for the first six months of this year was $160.2m (£102.9), down from $233.3m a year earlier. Total revenue was down almost 20% at $3.1bn. |
| About 1,000 jobs went in the UK, 3,000 in the US and 1,000 in the Middle East. The Aberdeen-based group employed some 40,000 workers in December last year. | About 1,000 jobs went in the UK, 3,000 in the US and 1,000 in the Middle East. The Aberdeen-based group employed some 40,000 workers in December last year. |
| The group announced in February that it would be cutting jobs to cut costs. | The group announced in February that it would be cutting jobs to cut costs. |
| "Conditions in oil and gas markets remain very challenging," said Wood Group's chief executive, Bob Keiller. | |
| "With little prospect of short term improvement in market conditions, we will focus on remaining competitive and protecting our capability, working with clients to reduce their overall costs, increase efficiency and safely improve performance." | "With little prospect of short term improvement in market conditions, we will focus on remaining competitive and protecting our capability, working with clients to reduce their overall costs, increase efficiency and safely improve performance." |
| He added that, despite the fall in half-year profits, the company's outlook for the full year remained unchanged. It added that total cost savings for the full year would be in excess of $80m. | He added that, despite the fall in half-year profits, the company's outlook for the full year remained unchanged. It added that total cost savings for the full year would be in excess of $80m. |
| The company also said it was taking on more workers on certain projects in Asia. | The company also said it was taking on more workers on certain projects in Asia. |
| Wood Group is one of the biggest oil and gas services companies working in the North Sea, where operators have been hit particularly hard by the fall in the oil price. | Wood Group is one of the biggest oil and gas services companies working in the North Sea, where operators have been hit particularly hard by the fall in the oil price. |
| The price of Brent crude has dropped by more than 50% in the past 12 months to $48.60 a barrel. | The price of Brent crude has dropped by more than 50% in the past 12 months to $48.60 a barrel. |