Wood Group Hit by Slump

Published 18th Aug 2015

Wood Group has cut a total of 1,500 North Sea jobs since the fall in the price of oil started falling last year.

They're one of the biggest oil and gas operators in the region.

Their revenues were down by 19% over the last six months because of the downturn in the sector, but bosses say cost savings have gone better than expected - they've made £40 million pounds worth of efficencies this year.

But the headcount is down by about 13% since the start of the year.

Globally that's about 5,000 jobs.