After acquiring Amec Foster Wheeler in a $2.6-billion deal earlier this year, Wood Group plc has set a strategy to get some of the debt from the acquisition off its balance sheet, says CFO David Kemp. And part of that involves speeding collections of money it is owed.
The acquisition jumped Wood Group to No. 7 this year from the previous year’s No. 27 on ENR’s Top 500 Design Firms. The total head count has stayed level as Wood Group has saved millions combining redundant departments and functions. A rebound in oil markets means that project-level staffing is up.