The FTSE 250 business, which provides engineers, services and maintenance to energy giants including BP, reiterated that its earnings before interest, taxes and amortisation would be 20% lower than in 2015 as “the operating environment remains very challenging for both volume and pricing”.

Last year, the Aberdeen-based group’s earnings fell 14.5% to £350m ($470m) while sales fell 23pc to £4.4bn ($5.9bn), as it struggled to contend with a downturn in oil and gas markets.

The group has already announced plans to cull 300 office jobs from its North Sea operations, although it confirmed today that it had renewed contracts in the hard-hit region with clients including Shell, Taqa and Total.

The company has also been cutting costs and buying cheap assets, including the bankrupt Aberdeen oil engineering firm Enterprise Engineering, which it said would “assist us in working towards further in-house and customer efficiencies as we expand our capabilities”.

Wood Group, which updates the market with its half-year results on August 16, said it had not seen any increase in business activity and that it would continue to cut costs by centralising the business. “We are well positioned for when the market recovers,” it said.

The company added it had already made “significant overhead cost savings from reorganisation, de-layering and back office rationalisation.”

Brent crude fell by around a third last year and reached around $50 a barrel on Thursday morning. Wood Group shares fell 2.16% to £6.54 in morning trade.