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

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