Wood Group slashes losses as Amec Foster Wheeler merger drives contract wins Energy services firm Wood Group narrowed its losses and posted a surge in revenues last year as its takeover of Amec Foster Wheeler began to pay off. Read more: Wood Group warns of impact of future oil market volatility The figures Wood Group's revenues soared 79 per cent to $11bn (£8.3bn) in the year to the [...]
Amec to complete £2bn Foster Wheeler deal by next Tuesday Engineering and project management company Amec yesterday said it has extended the acceptance period for its £2bn takeover of Foster Wheeler until the end of New York trading on 12 November. Amec has also filed a post-effective amendment to the registration statement with the US Securities and Exchange Commission. The company said the offer for [...]
Amec receives record orders ENGINEERING giant Amec yesterday said trading is in line with expectations for 2014, with a record £4.2bn order book giving confidence for further growth. The FTSE 250-listed firm said that its £1.9bn acquisition of US rival Foster Wheeler, which was announced in January, is on track for completion in the third quarter. “We believe the [...]
Amec rises on Foster Wheeler bid February 13, 2014 ENGINEERING firm Amec plans to issue $800m (£481m) notes this year to part-finance its acquisition of Foster Wheeler, as it said yesterday that it had made a definitive $3.3bn offer for its US rival. The FTSE 100-quoted company could still be usurped by a rival bid, but chief financial officer Ian McHoul told City A.M. [...]
Amec-led consortium wins £590m deal for Azerbaijan gas field January 28, 2014 FTSE 100 listed Amec is the latest British company to become part of the multi-billion pound project to bring gas directly from Azerbaijan to Europe for the first time. A consortium led by the engineering giant has been awarded a $974m (£587.5m) contract by oil major BP, to help develop the Shah Deniz gas field [...]
Amec sets out £1.9bn offer for Foster Wheeler January 13, 2014 ENGINEERING firm Amec has provisionally agreed to buy US rival Foster Wheeler for $3.2bn (£1.9bn), both parties said yesterday. Samir Brikho, chief executive of the FTSE 100-listed company, described the acquisition as “transformational” for Amec, enhancing its position in the downstream energy sector and in developing markets such as Latin America. Threadneedle Investments, a top [...]