Wood Group to cut UK contractor pay by 9%

(ShareCast News) - Wood Group PSN, a division of energy services company Wood Group, plans to cut the pay of around 200 North Sea contractors by 9% as weak oil prices take their toll.The latest reduction follows 10% cuts in May and December of 2014.Managing director for the UK and Africa, James Crawford, said: "This is not a decision we have taken lightly, but we believe it is the right one to proactively meet the continuing cost and resourcing challenges affecting the UK North Sea oil and gas sector."This adjustment to the rates we pay our UK contractors ensures we continue to be competitive within the marketplace."Wood Group PSN operates in more than 40 countries and provides operations and maintenance, engineering, construction, project management, training and decommissioning services to the energy industry.