Feb 23 (LNGJ) - Wood Group, the UK energy services company with LNG contracts, said annual revenue dropped 23 percent to $5.8 billion from $7.6Bln the previous year. Profit before tax was down 22.8 percent to $320.2M compared with $414.5 in 2014, while engineering income decreased by 19 percent amid significant falls in activity in upstream and subsea due to project deferrals and cancellations. “The challenging market conditions in the second half of 2015 have continued in the first quarter of 2016. Further spending reductions by customers will require continued focus on the controllable elements of our business,” Wood said of the energy sector.
