Scottish oil services company Wood Group said Tuesday it would lead five joint industry projects in an effort to address tackle challenges facing the industry.

Five international industry projects ranging from face-to-face collaboration, offshore equipment standardization and safety overhauls. Running through 2018, the company said the joint work with operators, contractors and regulators would address with it said were "industry-wide challenges."

Wood Group reported a 7.4 percent decline to $226 million in core profits during the first half of the year and a sharp decline from its production services, which it said was a reflection of lower activity in the North Sea and in U.S. shale basins.

In August, the company said it was addressing the weakened oil sector cut cutting an estimated 5,000 jobs, or roughly 12 percent of its workforce.

Low crude oil prices are forcing energy companies to spend less on exploration and production, lowering the demand for services companies like Wood Group provide. Hercules Offshore, a company with headquarters in Texas, filed for bankruptcy protection in August.

"These new joint industry projects are focused on subsea integrity, competency and improved design practice; all significant challenges as we seek to reduce risk and life-of-field costs in the subsea industry," the company's technology development direoct, Kieran Kavanagh, said in a statement.