WOOD Group said it is on track to deliver good growth despite incurring losses on two contracts run by the division it created after the $955 million (£590m) acquisition of PSN.
The Aberdeen-based oil services giant said second half performance in the Wood Group PSN unit will be below expectations due to losses on contracts in Oman and Colombia.
News of the setbacks appeared to rattle investors and shares in the company fell 5% in early trading before regaining some ground later. The initial fall may have reflected concern that the takeover of its local rival PSN was not delivering the benefits that directors had expected.
Please enable cookies in your browser to display the rest of this article.