Optimistic Outlook Gives Lift to Wood Group Shares; Investors Look Kindly Upon Oil Services Firm's Weaknesses

Summary

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WOOD Group announced a big fall in first-half profits but its shares rose 4% on assurances from Sir Ian Wood, the chairman and chief executive who broke news of two contract wins, that brighter times lay ahead next year.

Although the Aberdeen-based oil services firm continues to grapple with tough conditions in the key deepwater and gas turbines markets, Wood said the company, which is diversifying, had turned the corner.

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Optimistic Outlook Gives Lift to Wood Group Shares; Investors Look Kindly Upon Oil Services Firm's Weaknesses

"Next year is going to be the first year of recovery from what has been a disappointing period," said the veteran lea...

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