(MENAFN) The Scotland-based energy services company, Wood Group has let go 13 percent of its work force, reducing its employees by 5,000 since the end of 2014 due to a global oil price fall.
Wood Group, which is mainly present in the North Sea and the Americas, stated that its net profit has dropped by 17 percent to hit USD 116.8 million in the first half of 2015 compared to the same period in 2014.
Accordingly, Saipem energy services group, which is a subsidiary of Italian oil giant, ENI, plans to cut 8,800 jobs over three years, also Britain's largest energy provider, Centrica, is reducing its workforce by 4,000 positions.
"Conditions in oil and gas markets remain very challenging and we are witnessing a sustained period of low oil prices in 2015 following the increase in focus by operators on efficiency in 2014," said Wood Group in a statement.
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