Wood Group’s double hit

OIL services giant Wood Group has warned that its earnings fell by almost a fifth as the company took a double blow from the pandemic and a battered oil price.

Wood said that it had seen life-for-like revenue drop by around 11 per cent in the first half of the financial year. Meanwhile, earnings before interest, tax, depreciation and amortisation dropped 19 per cent.

Chief executive Robin Watson said the company had gone through a time unlike any before.