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Amec FW appoints Halliburton man as new CEO, Q1 sales down

Wed, 27th Apr 2016 08:21

(ShareCast News) - Amec Foster Wheeler has appointed 20-year Halliburton veteran Dr Jon Lewis as its new chief executive, and reported a decline in first-quarter sales.In the three months to the end of March, the engineering group generated revenue of £1.3bn, which was down 1.5% against last year's result, and 3.1% lower on a like-for-like basis and adjusting for currency.The order book stood had also contracted to £6.4bn at the end of March from £6.6bn at the year end, excluding $500m of projects on which its Global Power Group (GPG) had been selected as the supplier but which none of which has received go-ahead from customers so far this year.GPG remains on the block anyway, with Amec saying talks with "a number of interested parties" and a disposal expected in the second half.Several other non-core assets are also being prepared for sale, the FTSE 250 company said, which are expected to provide the major contribution to the plan to halve its circa-£1bn net debt by mid-2017.Chairman John Connolly, who did not change the board's full-year outlook for a slight like-for-like revenue decline and only a slight reduction in trading margins, said new CEO Lewis brought a reputation for "safe and ethical operations, strategic market insight, strong leadership, commercial discipline and consistently delivered against commitments".A US-UK duel citizen, Lewis joined Halliburton in 1996 and most recently was a senior vice president and member of the Halliburton executive committee with responsibility since 2014 for leading its largest division, Completion & Production.Prior to this he led the Europe/Sub-Saharan Africa Region and the Drilling & Evaluation division.He joined Halliburton after nine years in academia, where he was NERC research fellow at the Royal School of Mines at Imperial College in London and Conoco Lecturer in Petroleum Geology at Heriot Watt University, Edinburgh.Jon received his PhD in reservoir characterisation from the University of Reading in 1987.

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14 Feb 2017 07:48

Amec Foster Wheeler wins Spanish uranium project contact

(ShareCast News) - Energy services group Amec Foster Wheeler has been awarded a contract by Berkeley Energia to help develop its uranium processing plant at its Salamanca Project in western Spain. The scope of work by Amec Foster Wheeler will include engineering and procurement services to determine

17 Jan 2017 07:50

Amec Foster Wheeler secures £35m MoD contract

(ShareCast News) - Amec Foster Wheeler has been awarded a contract worth about £35m to supply the UK Ministry of Defence with research and technology services. The work, for the MoD's Naval Nuclear Propulsion Programme, will be carried out over five years and will sustain about 70 jobs at Amec's off

1 Dec 2016 17:07

LONDON MARKET CLOSE: Strong Pound Hits FTSE 100; Oil Rally Continues

25 Nov 2016 20:13

FTSE 250 movers: Paragon Group jumps, AMEC sinks

(ShareCast News) - Paragon Group led to the upside on the back of a positive endorsement from broker Jefferies. Analyst Phil Dobbin said: "Paragon is evolving from a securitized non-bank lender to a more diversified retail funded banking group. We believe that the company has the ability to gain mar

17 Nov 2016 13:00

Thursday broker round-up

(ShareCast News) - Kingfisher: HSBC reiterates hold with a target price of 380p. Astrazeneca: Berenberg reiterates buy with a 55p target. Aggreko: Jefferies stays at hold with a 750p target. Easyjet: Barclays reiterates equal-weight rating with a 1000p target. Amec Foster Wheeler: UBS keeps at ne

15 Nov 2016 16:00

FTSE 250 movers: Oil services stocks bounce, Kaz knocked off high

(ShareCast News) - The FTSE 250 index was on the up again on Tuesday, rising almost 0.5% to over 17,550 by mid-afternoon as oil-related stocks inflated on hopes of more oil price gains. Oil service companies Petrofac and Wood Group were among the top risers, with engineer Amec Foster Wheeler a

9 Nov 2016 10:03

Macquarie ups Amec Foster to 'neutral'

(ShareCast News) - Macquarie upgraded Amec Foster Wheeler to 'neutral' from 'underperform' but cut the price target to 400p from 420p, with the stock now sufficiently de-rated after last month's disappointing trading update. "In our view, the time has come to close out underweight positions and we u

1 Nov 2016 12:25

Broker tips: Centamin, Ladbrokes Coral, Amec Foster Wheeler

(ShareCast News) - Numis on Tuesday lowered its recommendation on Centamin to 'hold' from 'add' and left its target price at 170p following the recent rally in the share price. Centamin on Monday said it expects 2016 gold production to be towards the upper end of its guidance of between 520,000 and

1 Nov 2016 10:29

WINNERS & LOSERS SUMMARY: Standard Chartered Sold As Profit Misses

1 Nov 2016 08:54

Amec Foster retreats on Barclays downgrade

(ShareCast News) - Amec Foster Wheeler was under the cosh on Tuesday as Barclays downgraded the stock to 'equalweight' from 'overweight' and cut the price target by 17% to 500p. Barclays pointed out that the group is currently undergoing a much deeper introspection than previously expected, in a mar

31 Oct 2016 09:39

BROKER RATINGS SUMMARY: HSBC Raises IAG To Hold From Reduce

27 Oct 2016 08:35

Amec Foster postpones Capital Markets Day, still to decide on funding structure

(ShareCast News) - Amec Foster Wheeler reaffirmed its expectations for full-year trading even as it forecast further slowing in Oil&Gas and solar activity in 2017, while raising its forecast for year-end net debt, sending its shares crashing. The company also announced proposed investments and a red

19 Sep 2016 12:57

Credit Suisse starts Petrofac and Wood Group at outperform

(ShareCast News) - Markets were already looking ahead to European oilfield services companies emerging fitter and leaner from the worst downturn in exploration and production in over a generation, analysts at Credit Suisse said. "Unlike 2009, this downturn has been sufficiently long to spur behaviou

13 Sep 2016 16:39

Sector movers: Beverage stocks pace gains

(ShareCast News) - Defensive issues took over from cyclicals, with beverage stocks climbing to the top of the leaderboard on the back of positive broker commentary. Analyst Charles Pick at Numis bumped up his recommendation on shares of AG Barr from 'hold' to 'add' ahead of the company's next set of

13 Sep 2016 12:35

Enterprise Products files lawsuit against Amec Foster Wheeler

(ShareCast News) - Amec Foster Wheeler said on Tuesday that Enterprise Products has filed a lawsuit in the Harris County Court, Texas alleging that it is responsible for cost overruns and delays on Enterprise's propane dehydrogenation (PDH) unit in Mont Belvieu. "The contract we signed with Enterpr

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