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LONDON (Alliance News) - Oil and gas services company John Wood Group PLC Thursday said it excepts 2014 earnings before interest, taxation, depreciation and amortisation to be in line with expectations and up on 2013, following a strong performance from its production services and engineering divisions.
FTSE 250-listed John Wood Group said its engineering division is engaged in a number of concept, Pre-FEED and FEED engineering projects, which "we have confidence will unlock value for our
clients, and are an important indicator of future prospects".
FEED refers to front-end engineering design, which is the process for conceptual development of projects in processing industries such as upstream, petrochemical, refining and pharmaceutical.
John Wood Group said its production services division saw growth in the first half, led by a strong performance in the America, principally in the US shale regions where it invested further in its fabrication and training capabilities.
However, the turbine arm struggled during the year and is behind expectations. John Wood Group said there has been slower activity in certain areas of the business.
Financially, John Wood Group said it has signed an agreement to issue USD375 million of unsecured senior notes in the US private placement market with drawdown in August and November 2014.
In a separate note Thursday, the company said Mike Straughen, an executive director, will retire on August 31.
John Wood Group shares were down 0.3% at 795.00 pence Thursday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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