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Wood Group maintains 2014 outlook on strong North Sea, US shale demand
May 14, 2014 / 6:32 AM / in 3 years

Wood Group maintains 2014 outlook on strong North Sea, US shale demand

LONDON, May 14 (Reuters) - British energy services company Wood Group said on Wednesday its growth outlook for 2014 remained on track thanks to strong demand for its production services in the North Sea and U.S. shale.

Wood Group said market conditions have remained broadly unchanged in recent months and earnings were expected to rise in 2014 with growth in the production services (PSN) segment offsetting a weaker engineering sector.

“In the North Sea demand remains strong and we are benefiting from significant contract renewals secured in 2013,” Wood Group said in an interim management statement.

Performance in the Americas has been led by further growth in the US shale-related business, including the benefit of Wyoming-based services firm Elkhorn, which it acquired last November. (Reporting by Ron Bousso; editing by Kate Holton)

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