ABERDEEN-based Wood has said it will benefit from last month’s tax rate cut in the USA without quantifying the impact.

The engineering giant expects to record a one-off, non-cash gain in its 2017 results reflecting the revaluation of deferred tax liabilities.

Wood, which is led by chief executive Robin Watson, said the cut is expected to have a favourable impact on its effective tax rate going forward.

The cash impact will likely be offset to some extent by fresh restrictions on the amount of interest firms will be able to set against taxable profits.

The company said net debt at the end of 2017 was $1.65bn (£1.2bn).

That compared with a forecast of $1.8bn the company made after completing the £2.2bn acquisition of Amec Foster Wheeler in October.