Wood Group is ahead of target on savings plan as it warns on finances

Oil and gas services company Wood Group said yesterday that its financial performance in the first half of 2015 will be down on the same period in 2014, as a result of the “challenging” conditions in the market.

 

The firm said in a trading update that it is making savings “significantly in excess of original targets”, in an effort to help offset the impact of lower activity and pricing pressure.

 

“We remain confident that our market leading businesses and breadth of capability position us well to deliver for our customers. There is no change to overall guidance,” said the company.