If it closes above 200DMA will be sorely tempted to get back in, or will I? wish I'd never bothered, just goes to show trade what you know, otherwise boot up the backside cartoon will get you every time. :O)

Perfect chart, sadly now and again patience is a bloody nuisance.

Brilliant! lesson learned I'm a muppet trading this stock with tight stop loss. Will move on cause attempting revenge by chasing will lead to tears guaranteed :O)

Wood Group Gulf of Mexico contracts valued at $550M

Supporting nearly 1 million BOPD additional capacity

HOUSTON, July 9, 2013--Wood Group's business in the Gulf of Mexico is robust,
with annualized revenue in the region totaling more than $550 million. Activity
is being driven by three of Wood Group's business units - Wood Group Mustang,
Wood Group Kenny and Wood Group PSN - with more than 3,500 personnel providing
engineering, operations & maintenance services across the region.

Wood Group Mustang is a market leader in the design of topsides for floating
facilities and has designed more than half of the 42 floating facilities
currently installed in the deepwater US Gulf of Mexico. Currently, the
greenfield process & facilities engineering business is providing engineering
services for the topsides of 10 Gulf of Mexico facilities, with the combined
potential to add almost one million barrels of oil per day (BOPD) to the world
energy supply. The engineering services being provided range from:

* pre-front-end engineering design (pre-FEED) to detailed design for six
greenfield projects, including two in Mexico's Bay of Campeche;

* follow-on services for five platforms; and

* full main automation contractor (MAC) services for two platforms.

StockMarketWire.com
Liberum Capital cuts John Wood Group to sell from hold, target cut from 736p to 610p

Wood Group secures major BP contract Wood Group has been awarded a five year contract with an estimated value of $750million from BP. Under the contract Wood Group PSN (WGPSN), will deliver engineering, procurement and construction services to six UK continental shelf (UKCS) offshore upstream assets and the Forties Pipeline System (FPS) onshore midstream facilities in Grangemouth.

Effective January 2015, the contract will create 150 new jobs and secure more than 700 existing positions. This is WGPSN's largest contract award in 2014 and includes an option for two, one-year extensions.

WGPSN already provide engineering, procurement and construction services for six BP offshore assets - Clair, Magnus, ETAP, Andrew, Bruce, and its new Glen Lyon FPSO which is currently being constructed and is due to come online in 2016. This is the first time WGPSN has secured a contract for the FPS onshore facilities and adds to the company's current contract to support BP's Sullom Voe Terminal in Shetland.

Dave Stewart, UK managing director of WGPSN said: "Wood Group has more than 40 years of experience working with BP globally and this new contract is testament to the partnership and understanding we have developed.

"Providing this combined service across upstream and midstream operations for the first time positions us well for continued excellence in delivering safe, collaborative and innovative services directed at maximizing productivity and efficiency across BP's assets in the UK.

In the UK, Wood Group now employs more than 10,000 people working onshore and offshore.

despite today's little uptick, this is the wrong sector to put money into (says he who holds PFC!)

ITM (tech stock) are ticking up but the oil sector as a whole is hopeless at the moment.....very few stocks worth holding.....I'm not even bothering with it at all at the mo...

Still worth watching, imo as I think there will come a time when this sector is back in fashion. Just a matter of having some available cash when that happens!

StockMarketWire.com
John Wood Group said while its H1 financial performance will show the relative resilience and flexibility of its asset-light, predominantly reimbursable model, it will be down on H1 2014 reflecting challenging conditions in oil and gas markets.

"To help offset the impact of lower activity and pricing pressure, we are delivering savings significantly in excess of original targets from our cost reduction initiatives, and continue to focus on utilisation," the company said in a pre-close trading update.

"We remain confident that our market leading businesses and breadth of capability position us well to deliver for our customers. There is no change to overall guidance and we continue to anticipate that full year EBITA will be broadly in line with analyst consensus."

NEW AGREEMENT
Wood Group said it has entered a $250m agreement for operating services on Central Area Transmission System

Wood Group has entered into a $250m agreement with Antin Infrastructure Partners (Antin IP) to provide operating services for the Central Area Transmission System (also known as CATS) in the North Sea for up to 10 years, subject to certain regulatory and other consents.

Returning to the pre-close trading statement:

ENGINEERING
"Upstream activity levels remain subdued, however we have seen a good contribution from larger detailed engineering projects including Det Norskes Ivar Aasen in the Norwegian North Sea and Hess Stampede in the Gulf of Mexico.

"In the second quarter, we started FEED work on our six year Offshore Maintain Potential contract with Saudi Aramco awarded in March. The current high volume of pre-FEED, FEED and concept work includes a number of leading global offshore developments and is a positive indicator of future activity levels, although the timing of sanction of detailed engineering scopes remains uncertain.

"Our subsea business has been active on larger projects for BP in the Caspian and the North Sea, Zadco in Abu Dhabi, Tullow in Ghana and Chevron in Australia. However, activity levels have reduced and we are seeing fewer large subsea capex projects coming to market. Recent new awards include FEED for Woodside in Australia and for Talisman in Vietnam and a five year maintenance contract for subsea well control as part of a joint industry project.

"Our onshore pipelines business is performing robustly in the US where customers are looking to improve transportation to downstream facilities, and is delivering engineering and construction management services for customers including Energy Transfer Company and Dow.

"Our downstream, process and industrial activities are also performing well, in part due to the impact of lower feedstock 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 continues to be impacted by reduced demand and pricing pressure in our capex related activities including fabrication and site preparation and, to a lesser extent, midstream construction services.

"Our ongoing opex focused activity, which accounts for over half our onshore work, has also experienced pricing pressure and some lower demand but has been less affected. In May, our Trinidad joint venture was awarded a new five year $250 million contract to provide engineering, procurement and construction services to BPs offshore facilities.

"In the North Sea, we are maintaining our leading position in maintenance and brownfield engineering work and have good visibility under longer term contracts. We are seeing the impact of reduced project and non-essential maintenance work, though continue to work alongside customers towards efficiency improvement.

"Following new five year awards from Total and Enquest, we secured a new $250 million contract with Antin Infrastructure Partners for the operatorship of the CATS terminal and pipeline in the North Sea. The contract was secured in collaboration with Wood Group Kenny, leveraging our leading expertise in pipeline operations and extending our duty holder capability into new markets.

"In our international business, longer term contracts in Australia and Asia Pacific are progressing and we see a number of near term opportunities for growth in the Middle East and Africa.

"In Turbine JVs, underlying performance is in line with 2014 and our primary focus continues on actions to improve performance in EthosEnergy including capital efficiency and cost reduction initiatives."

FINANCING AND DIVIDEND
"Our strong balance sheet provides security and flexibility, and net debt is slightly below 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 for the medium term."

Wood Group interim results six months ended 30 June 2015

Wood Group wins major Shell Gabon contract

Wood Group has won a $31m contract to deliver operations management services to Carbon Creek Energy's coalbed methane field in Wyoming. The FTSE 250 oil and gas services company announced the deal on Monday. The contract, which is initially for 12 months and reviewed annually, will create up to 65 new jobs and secure an additional 40 existing jobs. The field in the Powder River basin consists of approximately 7,000 drilled wells, 6,000 to 12,000 drillable locations and currently produces 385m cubic feet of gas per day.

Wood Group wins c.USD90m new contract

StockMarketWire.com

Wood Group has acquired Kelchner Inc, a privately-owned US-based provider of construction and energy field services.

Kelchner will operate within the onshore business of Wood Group PSN Americas, providing construction capabilities primarily to the midstream and upstream oil and gas sector in the Marcellus and Utica shale basins, and broader industrial sectors.

Wood Group warns.

Wood Group anticipates that FY EBITA will be about 20% lower than in 2015, but in line with consensus expectations.

"Market conditions remain challenging in 2016 and we have seen further margin pressure in an environment of expected lower activity by operators," the company said in an AGM statement.

"Year-to-date financial performance, although down on 2015, continues to benefit from the breadth of our offering, our focus on management of utilisation in response to demand, and structural overhead cost savings."

The company continued: "Our continued focus on reducing costs, improving efficiency and broadening our service offering through organic initiatives and strategic acquisitions, positions us as a strong and balanced business in both the current environment and for when market conditions recover.

"A trading update for the first half of the year will be provided on 30 June 2016."

StockMarketWire.com
Wood Group has turned in a full-year pretax profit of $66.0m, down more than half $138.6m as revenue from continuing operations eased amid a fall in global E&P customer spending and challenging market conditions.

It recommended a final dividend of 22.5 cents a share, taking the total to 33.3 cents, up 10%.

Chair Ian Marchant said 2016 represented a second successive fall in global E&P customer spending, which was down over 20% following a similar reduction in 2015.

"Oil and gas markets remained very challenging; lower oil prices endured and activity fell across the sector," he said in a statement.

Marchant added that early indications for 2017 suggested the potential for some modest increase in spending from 2016 levels, this reflecting a recovery in North American onshore spending, largely offset by further reductions elsewhere for a third successive year.

"Given the spending outlook for 2017 and the inherent lag of the impact on service company activity, we are cautious on the near term outlook for the Group. However, we remain positive on the longer term recovery."

Total revenue was $4.9bn, down 15.7% from $5.9bn, while operating profit before exceptional items was $244m, down 28.4% from $341m.

StockMarketWire.com
Wood Group has won a $50m contract with Premier Oil to deliver topside operations and maintenance services to the Balmoral floating production vessel (FPV) in the Central North Sea and the Solan installation, west of Shetland.

The two-year contract which had three, one-year extension options, retained more than 150 jobs. The company had delivered operations, maintenance and engineering services to the Balmoral FPV since 2012.

Wood Group also supported Premier Oil in the delivery of fabric maintenance services to the Balmoral FPV in a separate contract held since 2014.

StockMarketWire.com
Wood Group said its H1 performance is down on 2016 and weaker than anticipated, as it remains more cautious on its FY outlook but anticipates a stronger second half.

"In the first half we have seen continued challenges in our core oil & gas market with modest recovery only in certain areas," the company said.

"Robust activity in the West including improved performance in offshore greenfield project engineering and commissioning is being more than offset by weaker activity in the East, where we have seen a further reduction in projects & modifications work, particularly in the North Sea.

"The impact of the tougher pricing environment in 2016, partially offset by the enduring benefit of structural cost reductions achieved in the last two years, will result in a reduction in first half margin as expected."

"First half performance is down on 2016 and weaker than anticipated. We are more cautious on the full year outlook but anticipate a stronger second half."

Separately, Wood Group said Husky Energy had awarded it a multi-million dollar contract to complete detailed engineering for the topsides of White Rose, a concrete gravity-based structure wellhead platform planned for offshore eastern Canada.

The project included procurement services and engineering design work.

The Wood Group team has identified several project innovations to significantly reduce engineering person-hours and realize other savings at White Rose.

Looks like another Petrofac situation...


Amec Foster Wheeler announcement re: SFO investigation

John Wood Group PLC (the "Company") notes the announcement made yesterday by Amec Foster Wheeler plc ("Amec Foster Wheeler") that the UK Serious Fraud Office (the "SFO") has informed Amec Foster Wheeler that it has opened an investigation into Amec Foster Wheeler, predecessor companies and associated persons in respect of the Foster Wheeler business. As announced by Amec Foster Wheeler, the investigation focuses on the past use of third parties and possible bribery and corruption and related offences.

In its circular and prospectus published on 23 May 2017, the Company disclosed that information previously provided by Amec Foster Wheeler to the SFO related to matters that may well develop into an investigation into Amec Foster Wheeler by the SFO. As stated in those documents, and as disclosed by Amec Foster Wheeler yesterday, it is not possible to estimate reliably what effect the outcome of this matter may have on Amec Foster Wheeler.

StockMarketWire.com
Wood Group said operational profit fell 32.1% to $72m in the six months to 30 June 2017.

In December 2016, we highlighted challenges in our core oil & gas market that we felt were likely to persist in 2017.

We expected to see indications of recovery in certain markets - US onshore including shale, offshore upstream engineering and automation. We also noted the commercial close out of a number of projects in 2016.

Overall, these themes have played out largely as expected in the first half although the macro environment has been more volatile.

As a result we have seen an increasing focus on efficiency by operators and some evidence of further deferrals in customer spending, which has decreased for a third successive year.

In the first half total revenue fell by 11% and total EBITA was down 23%. Robust performance in the West including, improved activity in offshore greenfield project engineering and commissioning and modest improvement in US onshore activity, was more than offset by weaker activity in the East, where we have seen a significant reduction in projects & modifications work, particularly in the North Sea.

In Specialist Technical Solutions, growth in automation and robust activity in technology related work was offset by weaker performance in subsea.

Our continued focus on utilisation and the enduring benefit of our actions in the last 30 months around reorganisation and back office efficiency are delivering sustainable structural cost reductions. Overheads were $44m lower than H1 2016.

We remain focused on managing utilisation in light of prevailing market conditions. Underlying headcount, excluding acquisitions, is down 34% since the start of 2015. We have seen a modest increase in headcount since the start of the year.

Profit for the period was impacted by exceptional costs of $47.6m. This included $25.2m in respect of costs relating to the acquisition of Amec Foster Wheeler, comprising advisory fees of $19.7m and underwriting fees in respect of new debt facilities of $5.5m.

We also made a provision for $15.9m in relation to an ongoing subcontractor dispute on the Dorad contract which was substantially completed prior to the formation of EthosEnergy.

In May we acquired CEC in the US for an initial consideration of $49.8m, further enhancing our automation process & control capabilities in the automotive, aerospace, logistics, water, and pharmaceuticals sectors. We have continued to progress our strategic options for EthosEnergy and have commenced a disposal process.

Our internal investigation into Wood Group's historical engagement of Unaoil is substantially progressed and we will be proceeding to share our findings with the Crown Office on a voluntary basis.

As previously disclosed, this investigation has confirmed that a Wood Group joint venture made payments to Unaoil.

The investigation has not confirmed that the payments made were used by Unaoil in ways that would amount to bribery, corruption or money laundering offences or that there was any involvement in or knowledge of bribery, corruption or money laundering offences on the part of Wood Group companies, the joint venture or their personnel.

The Group is in a strong financial position. Net debt was $490m and Net debt : EBITDA is 1.2x.

We have seen a slight improvement in Days Sales Outstanding as administrative and billing issues with certain of our customers were resolved during the first half and we expect further improvement to lead to a better working capital position in the second half.

We have declared an interim dividend of 11.1 cents per share which will be paid on 28 September 2017 to shareholders on the register on 1 September 2017.

This is an increase of 3% in line with our progressive dividend policy.

OUTLOOK
Our view on the full year has not changed from the half year trading update.

The themes identified in December 2016 have played out largely as expected in the first half and although the market continues to present challenges, we do anticipate a stronger second half performance in 2017.

Further growth in US onshore operations in ALCS Western Region and increased activity in Asia Pacific and the Middle East in ALCS Eastern Region are expected to contribute to a stronger second half.

In STS, growth is anticipated in automation where we continue to work on the Tengiz expansion project.

Whilst pricing on new work remains very competitive, group margins should benefit from further cost saving and business efficiency initiatives.