Wood Group, the London-listed oil sector engineer, is reducing tons of of jobs almost a yr after talks a couple of takeover collapsed.

Sky News understands that the corporate is anticipated to announce subsequent week alongside its full-year outcomes that it has launched a brand new value effectivity programme that sources mentioned would have an effect on white-collar staff globally.

One insider advised that roughly 200 roles could be axed – a tiny proportion of its 36,000-strong workforce.

Wood Group employs roughly 6,500 individuals within the UK – nearly all of whom are based mostly in Aberdeen.

On Wednesday, the corporate denied a suggestion that Ken Gilmartin, its chief government, was planning to relocate to the US.

Quite a lot of different senior executives at Wood Group are understood to have made the US their everlasting base, reflecting its important presence there.

Last yr, Apollo Global Management, the buyout agency, walked away from a takeover valuing it at £2.2bn together with debt, after making 4 separate presents for it.

The firm’s shares have fallen by 1 / 4 over the past 12 months, leaving it with a market capitalisation of simply over £1bn.

They now commerce at about one-third lower than the 240p-a-share contained in Apollo’s ultimate proposal.

A spokesman for Wood Group declined to remark.