Wood Group’s debt reduction hit by slow oil recovery - News Summed Up

Wood Group’s debt reduction hit by slow oil recovery


John Wood, the engineering group, has warned that debt reduction plans will take longer than expected as a result of a slower recovery in oil and gas markets. The Aberdeen-based company had hoped to bring its net debt down to 1.5 times its underlying earnings before interest, tax, depreciation and amortisation (ebitda) 18 months after acquiring its rival Amec Foster Wheeler in October 2017. Wood is best known for its work in oil and gas, which spans areas such as engineering, design, maintenance and construction. In recent years it has been diversifying further into sectors such as utilities, chemicals, mining, nuclear, automotive and renewables. After the Amec takeover net debt hit $2 billion, which was…


Source: The Times March 20, 2019 00:08 UTC



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