Last checked at 
(Sharecast News) - Wood Group pulled its dividend, implemented a 10% pay cut for executive directors and admitted it would have to axe some staff as the impact of the coronavirus pandemic was felt through the business.
As oil prices collapsed the company said it would "regrettably" have to fire staff, while others would be placed on furlough, unpaid leave or have their hours cut in an effort to save ?40m.
Other overhead cost reductions included axing discretionary spend, travel costs and further utilisation of shared service centers and high value engineering centers, Wood said on Thursday.
It also cut capital expenditure by up to $25m, which included postponing the implementation of a new enterprise resource planning system.
The final dividend of 23.9 cents per share would be cancelled, saving of $160m. Wood added that it expected some of its $8bn order book to be cancelled or postponed on the back of the collapse in oil prices.
1 Nov 2023 10:45
IN BRIEF: John Wood Group hires Rolls-Royce executive as new CFO
John Wood Group PLC - Aberdeen, Scotland-based engineering and consulting - Hires Arvind Balan as its new chief financial officer, starting April 15 next year. Balan has been CFO of the Civil Aerospace division of jet engine maker Rolls-Royce Holdings PLC for the past two years. Before that, he worked for oil major Shell PLC for 14 years in the UK, Singapore and China. At John Wood, Balan replaces David Kemp, whose retirement was announced back in August, having worked at John Wood for a decade. "Wood has always stood out for me as a company with unique potential," incoming CFO Balan says.
Read more