International engineering and project management firm Amec said today it was confident of continued future growth despite global economic uncertainty.
Increased activity in the energy and natural resources markets and strength in the oil and gas and mining sectors were reflected in a string of new contracts won since August, it added.
The contracts boosted its order book to £3.3billion at October 31, compared with £3.1billion a year earlier.
Amec said activity in the North Sea continued to build in October.
The firm has recently won two major contracts in the North Sea – engineering and project management on BP’s £4.5billion Clair Ridge project west of Shetland and work with new customer GDF Suez Exploration and Production UK on front-end engineering design for its Cygnus gas field development.
In Amec’s interim management statement, chief executive Samir Brikho said: “Amec continues to make good progress in 2011, reflecting in particular a strong performance in the oil and gas and mining sectors.
“Although we remain alert to the current macro-economic uncertainty, demand for our services and investment in our end markets remain strong and we are confident that this will support continued growth.”
He said the firm remained focused on its Vision 2015, a plan to more than double earnings per share by 2015.
Amec said the integration of four acquisitions completed in the first half of the year, growing staff numbers by 3,500, was on track.
Analysts at Bank of America Merrill Lynch said: “Key drivers of the business remain sustained oil and gas as well as mining activity, where operators remain committed to investing.
“The North Sea in oil and gas, and Australia in mining, show encouraging signs for growth.”
However, they added risks to the firm included a drop in the price of oil which would “see industry spending patterns change significantly”.
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