Aberdeen-based oil and gas services giant Wood Group said its profit for the first half of the year fell 86.7% to $6 million amid exceptional costs related to its planned £2.2 billion purchase of rival Amec Foster Wheeler and “particularly challenging” market conditions in the North Sea.
Total revenue fell 11% to $2.27 billion.
“Profit for the period is stated after exceptional costs of $48 million, including $25 million in respect of the acquisition of Amec Foster Wheeler,” said Wood Group.
Wood Group CEO Robin Watson said: “First half performance was down on 2016 reflecting the different market conditions across our business …
“Our full year outlook is unchanged and we anticipate a stronger second half performance.
“In June shareholders overwhelmingly approved our offer for Amec Foster Wheeler which will accelerate our strategy to create a global leader in project, engineering and technical services across a broad range of industrial sectors, the largest of which will be oil and gas.
“We remain on track to complete the transaction in the fourth quarter.”