Total and Amec Foster Wheeler at the heart of new war on costs
A new drive to reduce costs in the North Sea oil and gas industry is expected to unlock up to £1billion in additional revenue through improved production efficiency and cost savings.
amec
Amec Foster Wheeler takes 24% financial hit
Amec Foster Wheeler took a trading profit hit of 24% for the first half the year.
Amec Foster Wheeler wins MOD contract
Amec Foster Wheeler has been awarded a contract by the UK Ministry of Defence’s (MOD) Defence Nuclear Safety Regulator (DNSR) to supply independent regulatory services across their activities. DNSR is part of the MOD’s Defence Safety Authority and is responsible for the regulations of the Defence Nuclear Programme.
Amec Foster Wheeler to reduce headcount by around 60 positions
Amec Foster Wheeler is in consultation with staff as it looks to make cost savings during the oil price decline. In line with a number of companies, including BP and Shell, the company said a number of its Aberdeen-based employees jobs were at risk. It is understood that while the company is in consultation with 149 members of staff, the move is likely to affect 64 roles.
Amec Foster Wheeler reports falling revenue
Amec Foster Wheeler has been hit by falling revenue as a result of the decline in oil price. The company said revenue in Europe fell by 9%, which was in part caused by less activity in the North Sea. Profits rose by 9% to £101million while reported pre-tax profits were down 39% to £155million.
AMEC strengthens board following acquisition
Engineering service group AMEC has announced two new appointments to its board as non-executive directors once the acquisition of Foster Wheeler has been finalised. Kent Masters, who will join the board alongside Stephanie Newby, is currently President and chief executive officer of Foster Wheeler while Stephanie has been on the board since 2004.