Aberdeen Oil firm Wood Group to target new markets
The Aberdeen oil services company John Wood Group has said it intends to mount a push into new markets.
The group said it planned to broaden its international presence and new locations included Angola, Brazil, Canada, Malaysia and Saudi Arabia.
The company made £156m in pre-tax profits in 2010 - a fall of 4% compared with the previous year.
It employs more than 29,000 people in more than 50 countries throughout the world.
Sir Ian Wood, chairman of the group, said: "We are well positioned to take advantage of the improving market conditions and will continue to pursue our strategy of targeted geographic expansion and extended services through organic and acquisition-led growth.
"Overall, we anticipate good growth over the next few years."
The company said the move into new countries would form part of a strategy to shift focus on to its core engineering, production facilities support and gas turbine services.
Late last year, Wood announced plans to buy its rival PSN in a deal worth about £600m.
Earlier this month it said it was selling its well support divisions to the US conglomerate General Electric for £1.7bn, with more than half the proceeds set to go to shareholders.