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Name | Symbol | Market | Type |
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Wood Group John PLC (PK) | USOTC:WDGJY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 4.73 | 2.28 | 7.66 | 0.00 | 21:28:08 |
13 May 2015 Annual General Meeting Statement John Wood Group PLC ("Wood Group" or "the Group"), issues the following Annual General Meeting ("AGM") Statement. Trading performance Overall performance for the year to date, whilst down on 2014, reflects the relative resilience of our business model. We are flexible and asset light, with a range of predominantly reimbursable activities across customers' opex and capex spending. We remain focused on SG&A cost reduction and utilisation, and are helping customers to reduce their project costs, increase operating efficiency and safely improve performance. We now have improved visibility on customers' spending plans for the year, although market conditions remain challenging. We are confident that we can deliver SG&A cost reductions of over $30m in 2015 and anticipate that full year EBITA will be broadly in line with analyst consensus.1 Looking further ahead, we remain confident of delivering good growth as market conditions improve. Engineering In Upstream, activity remains subdued, continuing the trend we initially communicated in the second half of 2013. Although we still see a number of projects being deferred we remain encouraged by the high volume of early stage work as customers look to re-engineer projects with a view to improving project economics. We remain active on a number of detailed engineering projects,including Det Norske's Ivar Aasen in the Norwegian North Sea and Hess Stampede in the Gulf of Mexico. In March we were awarded the FEED and procurement scope for Statoil's Kollsnes gas plant in Norway leveraging our strength in automation and control engineering and our 2014 Norwegian acquisition, Agility Projects. Also in March, we were awarded an Offshore Maintain Potential contract from Saudi Aramco for six years covering engineering, procurement and construction management. In Subsea and Pipelines, activity levels have reduced somewhat, with a smaller number of large subsea capex projects coming to market and as a result we are seeing an increase in the proportion of operations support activity in certain areas. Our UK business is supporting activities in Africa, Middle East and the Caspian, including activity with BP on Shah Deniz, with Zadco in Abu Dhabi and with Tullow in Ghana. We have also recently secured a five year maintenance contract for subsea well control spanning the UK, Singapore and Brazil as part of a joint industry project. In Australia, we were awarded a FEED contract with Woodside in February and we remain engaged on the Gorgon project, expected to complete later in the year. Our onshore pipelines business is benefitting from the impact of US customers seeking to improve transportation to downstream facilities. Our Downstream, process and industrial activities are performing well, in part due to the impact of lower commodity prices. Following the successful completion of early stage engineering on a refinery modification project for Flint Hills Resources in the Eagle Ford region, we have recently been awarded the detailed engineering, procurement and construction support scope. PSN In the Americas, the US onshore market has been impacted by the decline in the rig count leading to reduced demand for our well-pad related activities including fabrication and site preparation and, to a lesser extent, midstream construction services. Our ongoing opex focused maintenance activity which accounts for over half our onshore work has been less affected. In both onshore and offshore, we are making good progress on cost reductions to help reduce the impact of lower pricing and activity. In Trinidad our joint venture was awarded a new five year, $250 million contract to provide engineering, procurement and construction services to BP's offshore facilities. In the North Sea, five year contract awards this year with Total and Enquest covering engineering, construction, procurement, integrity and commissioning help maintain our leading position and, together with ongoing long term agreements, provide visibility on maintenance and brownfield engineering work. Following our decision to reduce contractor rates in 2014, we have continued to work alongside customers on efficiency improvement initiatives. We are seeing the impact of reduced project work and in certain cases non-essential maintenance work, but see longer term opportunities focused on improving operating efficiency and late life asset management. In our international business, longer term contracts secured in 2014 in Australia and Asia Pacific are progressing and we see a number of near term opportunities for growth in the Middle East, particularly in Iraq. In Turbine JVs, the primary focus continues on actions to improve performance in EthosEnergy where we have made some progress. Cash flow and financing We expect to deliver strong cash flow from operations in 2015, and, as reported, we extended our $950m bilateral bank facilities until 2020. Our strong balance sheet provides security and flexibility, and we remain at the lower end of our preferred Net Debt: EBITDA range of 0.5 times to 1.5 times. Our intention remains to increase the dividend per share by a double digit percentage from 2015 onwards. Board composition As previously announced, Alan Semple will retire as CFO and from the Board at the AGM and Michel Contie will also step down at that time. Following the AGM, David Kemp will take over as CFO and join the Board as an executive director. David was previously Wood Group PSN CFO and has been in the role of Deputy CFO since January 1, 2015. Outlook We now have improved visibility on customers' spending plans for the year, although market conditions remain challenging. We are confident that we can deliver SG&A cost reductions of over $30m in 2015 and anticipate that full year EBITA will be broadly in line with analyst consensus.1 Looking further ahead, we remain confident of delivering good growth as market conditions improve. A trading update for the first half of the year will be provided on 25 June 2015. - ends - Notes to Editors: Wood Group is an international energy services company with over $7bn sales. The Group is built on our Core Values and has two reporting segments - Wood Group Engineering and Wood Group PSN - providing a range of engineering, production support and turbine services to the oil & gas, and power sectors. www.woodgroup.com Note 1 - Company compiled publicly available consensus EBITA on a proportionally consolidated basis is $473m and AEPS is 86.4c, last updated on 1st May 2015.(http://www.woodgroup.com/investors/analyst-consensus/pages/default.aspx) Enquiries: Wood Group Andrew Rose 01224 851 000 Laura McCracken Carolyn Smith Brunswick Patrick Handley 020 7404 5959 Charles Pemberton
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