Wood Group announces independent review, shares crater

Oilfield services company Wood Group has announced an independent review into its business following a sharp fall in its share price, says BBC News.

Shares in the Aberdeen-based company dropped by more than a third on Monday after it warned of a £500m hit to revenue this year and said it would cut 500 jobs globally.

The company said the review would be led by its chairman, Ian Marchant, and would look at all aspects of its business. The announcement came as the oil price continued to fall, hitting a four-year low of $82.50 a barrel on Monday.

Wood Group is one of the world's largest oilfield services companies, with operations in more than 50 countries. The company provides a range of services to the oil and gas industry, including engineering, construction, maintenance and operations.

The company has been hit by the downturn in the oil and gas industry, which has led to a sharp fall in demand for its services. The company has also been affected by the strength of the pound, which has made its services more expensive for customers outside the UK.

The independent review is expected to take several months to complete. The company said it would update the market on its findings in due course.

The fall in Wood Group's share price has been welcomed by some analysts, who believe that the company is now undervalued. However, other analysts are more cautious, saying that the company faces significant challenges in the current market environment.