Profits at oil services firm Wood Group leapt 20% last year, reflecting spending growth by more ambitious oil and gas operators across the world.
The Aberdeen-based energy giant said it expected further growth this year due to new work in areas including the North Sea, Gulf of Mexico and Middle East.
Wood Group enjoyed a jump in profits last year thanks to increased spending from oil and gas operators worldwide.
It predicted its exploration and production expenditure would increase by another 7% globally this year.
In its first set of results since Bob Keiller took the reins as chief executive, Wood Group’s turnover was revealed to have climbed to £4.5 billion during 2012.
Earnings before interest, taxation and amortisation were up 35% to £305.1 million, while pre-tax profits from continuing operations before exceptional items rose by 43% to £240m.
Mr Keiller said all three Wood Group divisions engineering, Wood Group PSN and gas turbine services had performed well.
He predicted further growth for all three operations.
“Historically the Wood Group divisions have worked fairly individually,” he said.
“We are seeing an increasing number of opportunities for them to work together. It opens up more opportunities for each of the divisions and will help us transfer our skills between businesses.”
Despite Wood Group’s international ambitions, Mr Keiller said the North Sea was still a key market.
The group took on 117 UK graduates last year. Mr Keiller succeeded former chief executive Allister Langlands in November, having previously headed the PSN business.
Mr Langlands is now the firm’s chairman following Sir Ian Wood’s retirement at the end of October.
“It has been a huge privilege getting the chance to lead one of Scotland’s foremost companies,” said Mr Keiller.
But there was also some trepidation for him in following in the footsteps of Mr Langlands and Sir Ian, who were “giants of Scottish business.”
Wood Group employs 43,000 people globally, including 7,000 in Scotland based mostly in the north-east.
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