Oil firm Wood Group’s profits have plunged after cuts totalling more than £150m.

The Aberdeen-based company’s earnings 63% to £34.6m in the first half of the year fell and turnover dropped 16% to £2bn.

Wood Group has shed hundreds of jobs over the last two years, resulting in savings of more than £154m since the start of 2015.

Chief executive Robin Watson said: “Performance in the first half of 2016 reflects the balance of a challenging oil and gas market, our continued focus on utilisation and cost management, and the benefits of our flexible, asset light model.

“Looking further ahead, we see early indications of modest recovery in some areas.”

Wood Group has recently been at the centre of a series of offshore strikes by workers concerned about further cuts to pay and changes to their contracts.

Mr Watson added: “Some of our employees have engaged in industrial action on our Shell contract and we are focused on resolving the dispute consistent with the overarching requirement to have a reduced sustainable cost base moving forward.”

Source: stv.tv