29th Jun 2006 07:06
John Wood Group PLC ("Wood Group") Pre-close period trading update for the six months ending 30th June 2006 Wood Group continued to make very good progress in the first half of the yearand is further developing its market-leading positions in a strong oil & gasmarket.The six month results for the period ending 30th June will be issued on the 5thSeptember 2006.Engineering & Production FacilitiesWe are seeing good demand across our extended range of Engineering services andhave made progress in all areas. We continue to be very active in upstreamacross a range of onshore and offshore projects around the world. We haveincreased our involvement in midstream, where we have begun work on a projectutilising our proprietary LNG regasification system, and are busy downstream ona number of debottlenecking and refinery upgrade projects. In ProductionFacilities, we are maintaining our market leading position in a busy North Sea,our international activities are progressing well, and we have entered newmarkets with contract wins in Algeria, Kazakhstan and Norway.Throughout Engineering & Production Facilities, we have a number of successfulinitiatives building up the strength and depth of our people resource aroundthe world.Well SupportOur Well Support businesses are performing strongly. In Pressure Control wecontinue to add manufacturing capacity and further enhance the differentiationof our products. We are achieving good growth outside the US, including notablewins in the Arabian Gulf and North Africa. Our Electric Submersible Pump (ESP)business, which continues to be strong in the US, is extending itsmanufacturing capacity and increasing its international business, including astrategically important contract win in Bohai Bay, China. In Logging Services,our markets are strong, and we are broadening our activities, all of which areperforming well.Gas Turbine ServicesGas Turbine Services continue to see a modest improvement in the North Americanpower market which should lead to increasing demand for our services. We arecontinuing to develop and enhance our differentiation and build up our longterm contracts, including a significant power station operations & maintenancecontract in the Western United States with LS Power.Sir Ian Wood, Chairman and Chief Executive, said "Our development relatedactivities are currently performing particularly strongly and we are continuingour investment in the production phase to deliver later cycle growth. Weanticipate oil & gas markets will remain healthy and are confident of stronggrowth for the year slightly ahead of market expectations. Looking ahead, ourpositions in strong markets and a robust business development programme shouldensure we deliver continuing good growth".ENDWOOD GROUP (JOHN) PLCRelated Shares:
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