UK oilfield services provider Wood has decided to implement salary, headcount, and capex reductions as a response to the volatile market conditions. Wood will also be withdrawing its final dividend recommendation.
Wood said on Thursday it has taken significant steps to enable its workforce to work from home due to the coronavirus pandemic, resulting in over 40,000 employees successfully working remotely.
Wood entered 2020 with a balance sheet foundation with c$1.4bn of headroom against its debt facilities.