BP oil platform, North Sea
Several energy firms operating in the North Sea have cut jobs due to falling oil prices and rising costs Reuters

Aberdeen-based oil services company Wood Group has reported a 30% fall in profits in the 2016 calendar year.

The firm blamed the decline on a "very subdued" North Sea oil industry, tougher pricing environment and currency headwinds.

Profit before tax and exceptional items came in at $174.2m (£140.2m) for the 12 months to 31 December, down from a profit of $249.2m in the same period a year earlier.

Revenue fell 26% year-on-year to $2.3bn.

Wood Group chief executive Robin Watson said: "Despite challenging conditions in our core oil & gas market in 2016, the group delivered financial performance in line with expectations.

"Results benefited from the robust management of utilisation and costs and one off benefits.

"The oil & gas market continues to present challenges and we remain cautious on the near term outlook."

The firm said the hit on earnings from a subdued oil market had been lessened by an 18% reduction in headcount and $96m-reduction in overheads.