UK oil major Wood Group is cutting 200 jobs, likely due to a combination of decreased profits and a windfall tax on the oil and gas sector.
UK oil major Wood Group is set to cut hundreds of jobs as it prepares to release its 2023 annual results, reports suggest. According to Sky News, the London-listed oil major is eyeing up the axeing of 200 positions from its 36,000-strong employee base. The firm employs roughly 6,500 in the UK, the majority of whom are based in Aberdeen. The news comes nearly a year after a rumoured £1.
9bn in revenue over the first six months of the period – up around 15 per cent year-on-year – and profits before tax of of £149m $195m, which is a six per cent boost over the same trading period for 2022. The group is one of the embattled group of UK-based oil majors that will have to continue to weather the battering taken from the government’s windfall tax.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How to get wood in Lightyear Frontier – wood, softwood, and hardwood locationsHow do you get Wood in Lightyear Frontier? This basic resources is simple to get but comes in multiple varieties.
Read more »
Vice Media stops publishing on website and cuts hundreds of jobsVice Media Group filed for bankruptcy in May and was bought by Fortress Investment Group.
Read more »
Drax: UK power station burns wood from rare forestsOwner Drax, which received £6bn in subsidies, continues to burn timber from Canadian trees - BBC finds.
Read more »
Telford school to build new science blockErcall Wood Technology College says the building will allow it to take in 300 more students.
Read more »
Gledhow Lane shut as crash sparks machete road rage violence in LeedsGledhow Lane is shut from Gledhow Valley Road to Gledhow Wood Road.
Read more »
Tom Wood in Tokyo: Nordic minimalism meets Japanese coolHarriet Thorpe is a writer, journalist and editor covering architecture, design and culture, with particular interest in sustainability, 20th-century architecture and community.
Read more »