Coronavirus: Wood Group expects profits to fall by 20% as energy prices around the world tumble

Oil services group Wood Group sought to reassure on its prospects today, despite a 11% fall in its order book since December in the wake of a slide in energy prices.

The FTSE 250-listed company expects its first-half earnings to drop 19%, with robust activity in chemicals and downstream work only partly mitigating weaker upstream activities.

Typically, around 80% of Wood's full year revenues would have been either delivered or secured at this point in the year.