Energy services company Wood Group (LON:WG) are trading down 3.5 percent this morning after announcing their half-yearly results.

The company have 5000 jobs this year in the UK, US and the Middle East after being hit by the challenging oil market. The price of Brent crude has dropped by more than 50% in the past 12 months to $48.60 a barrel.

Pre-tax profit for the first six months of this year was down $233.3 million from a year earlier, at $160.2 milion. Their total revenue was down almost 20% at $3.1 billion.

Wood Group’s CEO Bob Keiller said in a statement:

“Conditions in oil and gas markets remain very challenging.

“With little prospect of short term improvement in market conditions, we will focus on remaining competitive and protecting our capability, working with clients to reduce their overall costs, increase efficiency and safely improve performance.”

However, despite the fall in half-year profits, the company’s outlook for the full year remains unchanged. Wood Group are currently trading down 3.62 percent at 558.5 pence per share (1024GMT)