23rd May 2007 - John Wood Group PLC ("Wood Group")
Chairman's Annual General Meeting (AGM) Statement
"2007 Results now expected to be ahead of expectations"
At Wood Group's AGM later today, the Chairman, Sir Ian Wood, will make the
following comments:
"Following the delivery of record results in 2006, our performance year to date
is encouraging. Within our markets, oil & gas exploration & production spending
continues to increase, particularly in international markets outside North
America, and we continue to see an improving power market.
"In Engineering & Production Facilities, we began the year with good momentum,
particularly in our Engineering activities and expect this to continue
throughout the year. Within Engineering, we are active on a wide range of
upstream, midstream and downstream projects. In Production Facilities, we are
maintaining our market leading position in the North Sea, where we were
recently re-awarded a major onshore contract with Shell. We also continue to
make good progress in developing our international Production Facilities
presence.
"Well Support's year to date growth is in line with our expectations. We
continue to see a good overall performance from our North American activities,
despite relatively flat market conditions in the first quarter. International
growth continues to be strong, and our investment programmes to increase
capacity for international markets are progressing well.
"Gas Turbine Services has made a strong start to the year following a number of
equipment and project solutions contract awards. Overall, we continue to see
healthy demand in the US and international markets for our gas turbine
operations and repair services. This should lead to a strong performance for
the year.
"We have made an encouraging start to 2007 with notable strength in Engineering
and Gas Turbine Services. The Board is confident of delivering strong growth
for the year, ahead of previous expectations."
ENQUIRIES:
Wood Group
Nick Gilman / Carolyn Smith 01224 851000
Brunswick
Patrick Handley/ Nina Coad 020 7404 5959
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