Amec FW expects further O&G decline

Amec Foster Wheeler, a UK engineering and construction giant, doesn’t expect to see improvement in the oil & gas part of its business in 2017.

The company’s revenue in 2016 was £5,44 billion, in line with £5.45 billion reported in 2015.

Loss before tax deepened to £542 million, compared to £235 million in 2015.

Revenue from the Oil and Gas segment was still the largest of all the segments, but it fell to £2,26 billion from £2,9 billion a year ago.

Presenting its full year 2016 results on Tuesday, the company’s CEO Jonathan Lewis, said: “We continue to expect another year of decline in oil and gas activity in 2017 and for solar activity to reduce significantly from the record levels seen in 2016.“

Amec Foster Wheeler has agreed to be acquired by the oilfield services firm Wood Group. The all-share deal, announced in March, values Amec Foster Wheeler at approximately £2.225 billion ($2.72B). Amer Foster Wheeler’s shareholder vote on offer from Wood Group expected in June.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply