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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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26 Aug 2016 15:58

Broker tips: CRH, Amec Foster Wheeler, BAE

(ShareCast News) - Societe Generale downgraded its recommendation on building materials group CRH to 'hold' from 'buy' following the stock's outperformance. The bank said CRH's equity story is still attractive, but after the 31% year-to-date outperformance versus the broader market, the medium-term

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26 Aug 2016 10:21

Morgan Stanley ups Amec Foster to 'overweight'

(ShareCast News) - Morgan Stanley upgraded Amec Foster Wheeler to 'overweight' from 'equalweight' and bumped up the price target to 700p from 500p saying restructuring should outweigh disposals. The bank attributed the price target lift to increased confidence that the new CEO will drive a better ea

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26 Aug 2016 07:07

LONDON BRIEFING: All Eyes Turn To Fed Chair Yellen's Speech

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23 Aug 2016 09:19

Tuesday broker round-up

(ShareCast News) - Ithaca Energy: Barclays reiterates underweight with a target price of 70p. Mediclinic: JP Morgan maintains neutral with a 1160p target. Premier Oil: Barclays reiterates overweight with a 100p target. South 32: Jefferies reiterates hold with a 110p target. Mondi: Citigroup keeps

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23 Aug 2016 08:22

BROKER RATINGS SUMMARY: Jefferies Upgrades BHP Billiton To Buy

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16 Aug 2016 16:01

LONDON MARKET CLOSE: End Of Eight-Day Rally Despite Higher Oil Prices

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12 Aug 2016 09:36

Friday broker round-up

(ShareCast News) - Britvic: Berenberg reiterates buy with a target price of 775p. RSA Insurance: Deutsche Bank maintains hold with a 525p target. GlaxoSmithKline: JP Morgan reiterates neutral with a 1900p target. Amec Foster: Goldman Sachs stays at buy with a 691,1p target. A.G. Barr: Berenberg d

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10 Aug 2016 08:35

BROKER RATINGS SUMMARY: Panmure Raises RSA Insurance To Buy From Hold

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9 Aug 2016 19:10

Amec Foster Wheeler leads gains among oil equipment and service stocks

(ShareCast News) - Oil equipment and services stocks saw another day of gains, with shares in Amec Foster Wheeler spearheading the advance in the wake of its latest interim figures. Amec reported higher sales and lower earnings in the first half of the year which were better than the market expected

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9 Aug 2016 09:43

WINNERS & LOSERS SUMMARY: Worldpay Bid Up After Strong First Half

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9 Aug 2016 09:01

EXTRA: Amec Foster Wheeler's Underlying Results Beat Expectations

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9 Aug 2016 08:38

Amec Foster Wheeler beats first-half forecasts, review due in autumn

(ShareCast News) - Amec Foster Wheeler's higher sales and lower earnings in the first half were better than the market expected, while the engineer also impressed with cost cutting and its continued expansion into renewable energy. Revenue in the six months to 30 June of £2.8bn was up 7% on the same

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9 Aug 2016 06:51

Amec Foster Wheeler Turns To Loss Despite Managing To Lift Revenue

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12 Jul 2016 07:18

Amec Foster Wheeler wins two contracts with Repsol Sinopec

(ShareCast News) - Amec Foster Wheeler said it had won two long-term major services contracts as part of Repsol Sinopec Resources UK's long-term transformation and commitment to the North Sea. Both contracts are for an initial three-year term with up to two one year extensions. The new contracts ar

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12 Jul 2016 06:40

Amec Foster Wheeler Wins Two Maintenance Deals In North Sea

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