Wood Group (WG.) – decent IMS and remains favoured UK oil services story
The international energy services company issued a decent IMS reassuring that overall performance is in line with expectations
Wood Group Engineering and Wood Group PSN are currently trading in line although Wood Group GTS is currently behind plan although this is anticipated to be recovered over the course of the year. Wood Group Engineering (services to the upstream, subsea and pipelines, downstream and industrial, and clean energy sectors) is on track to deliver EBITA growth of around 15%. In Upstream, they have recently been awarded the detailed engineering scope on Anadarko Heidelberg in the Gulf of Mexico and remain active on a range of other projects including Ichthys and Mafumeira Sul. In Subsea and Pipelines (a booming area),…