Shares have increased up to 6% for Wood after the engineering giant highlighted that it was well on its path to achieve strong earnings growth with the recovery of oil and gas markets.
Since late 2016, there has been further evidence of crude price rise as told in an update from Aberdeen-based Wood. This has encouraged oil and gas firms to invest again in developing facilities after facing a few grim years.
Wood offers services to develop and operate oil and gas facilities. The plunge in the crude price in the decade was due to it being struck hard by the spending cuts. This lead Northsea to a deep downturn.
In the update, Wood pointed out that there had been increased activities across oil and gas sectors, ranging from exploration and production to refining.
Source: Oil and Gas People