10 May 2012
Annual General Meeting Statement ("AGM") and Interim Management Statement
("IMS")
Continuing good progress in all divisions
John Wood Group PLC ("Wood Group"), the international energy services company,
issues the following IMS which the Chairman, Sir Ian Wood, will deliver at
today's AGM. A trading update for the first half will be provided on 29 June
2012.
The Group has delivered good growth in all divisions in the year to date and is
confident of achieving full year performance in line with expectations.
Our Engineering division is performing well. In upstream, we are seeing high
activity levels supported by a good order book and future prospects. We are
working on a broad range of projects, including Chevron's Jack & St Malo,
Anadarko's Lucius, Williams Partners' Tubular Bells and Inpex's Ichthys for
Samsung. We have also recently been awarded the detailed topsides engineering
work by Daewoo Shipping and Marine Engineering for Chevron's Mafumeiria Sul
project in Angola. Subsea and pipelines is continuing to perform well,
particularly in the UK and Australia. Our downstream, process and industrial
activity continues to be impacted by lower expenditure in the North American
refining market.
In Wood Group PSN we are seeing robust activity levels in the UK, where we are
active on the recently awarded Premier contract. Our activities in the Americas
remain strong, particularly in the provision of production support services to
operators in the US shale regions. Internationally we see further good growth
prospects in areas including Africa and the Caspian. In Oman, we continue to
anticipate reduced losses on our contract with PDO in 2012.
In Wood Group GTS, we have seen higher activity levels and good growth in
EBITA. We continue to expect to complete the GWF and Dorad contracts in the
second half of 2012 and 2013 respectively, and are pursuing a number of
additional prospects in Africa, the Caspian and the Middle East.
Our balance sheet remains strong and provides a robust platform for organic and
acquisition led growth.
The Group has delivered good growth in all divisions in the year to date and is
confident of achieving full year performance in line with expectations.
