Oilfield services company John Wood Group Plc reported a 62% fall in its 2016 profit as weak oil prices continued to force oil producers to slash spending.
Shares in the company fell as much as 10% to 736.50 pence in morning trade on the London Stock Exchange.
John Wood Group's profit fell to $34.4 million for the year ended Dec. 31,2016, from $90.1 million a year earlier.
The company said it expected EBITDA margin, which fell to 7.4% in 2016 from 8% the year before, to fall further by the end of the current year.
However the U.K.-based company said it was seeing signs of a potential uptick in onshore spending in North America, as the rig count in the U.S. rises.
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