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Oilfield services provider Wood's profit beats estimates

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(Reuters) – British oilfield and engineering services provider Wood Plc reported a rise in 2018 adjusted profit on Tuesday, and said it had secured over $600 million (452 million pounds) in revenue synergies from its 2017 takeover of smaller rival Amec Foster Wheeler.

Wood’s adjusted earnings before interest, taxes and amortisation rose 5.4 percent on a pro forma basis to $630 million for the year ended Dec. 31, beating a company-supplied analyst consensus estimate of $624 million.

In a separate statement, the company – which provides engineering, project and technical services to industrial, energy, process and utility markets – said Ian Marchant would resign as chairman in the next 12 months.

(Reporting by Muvija M in Bengaluru)

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