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Enterprise Products files lawsuit against Amec Foster Wheeler

Tue, 13th Sep 2016 12:35

(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 Enterprise allocated risk on timing and cost to them and this legal process appears to be an attempt to avoid the terms they signed up to in 2013. We consider these proceedings to be misconceived and we intend to vigorously defend these claims," Amec said.The FTSE 250 oilfield services company had signed a contract with Enterprise back in July 2013, covering engineering, procurement and construction activities. The principal terms were for payment of hourly rates and costs on a reimbursable basis with an estimate for the date of completion. For the avoidance of doubt, this was not a fixed-price contract, Amec said.Amec said it has taken a provision of £33m on this project against disallowed costs and warranties as part of the adjustment to fair values of Foster Wheeler AG's assets and liabilities post acquisition.At 1412 BST, the shares were down 2.2% to 541.50p.
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1 Oct 2015 13:43

FTSE 250 movers: Tullow Oil rockets, but BBA Aviation crashes on broker downgrade

(ShareCast News) - London's FTSE 250 index was up 0.7% to 16,791.70 at 1525 BST on Thursday, as the broader market bounced back from recent losses and got a boost from better-than-expected UK manufacturing data. Shares in oil exploration and production company Tullow Oil rocketed after it said its l

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1 Oct 2015 08:44

BROKER RATINGS SUMMARY: UBS Raises Diageo To Buy From Neutral

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1 Oct 2015 07:18

LONDON BRIEFING: Miners Keep Market Rally Going

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25 Sep 2015 07:45

London pre-open: Stocks to start higher after Fed's Yellen

(ShareCast News) - Stocks will start the day higher after Fed chair Janet Yellen indicated overnight the US central bank was keeping all options on the table as regards a first hike in interest rates this year. "Most of my colleagues and I anticipate that it will likely be appropriate to raise the t

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25 Sep 2015 07:20

Franklin appointed to Amec Foster Wheeler board

(ShareCast News) - Cuadrilla chairman Roy Franklin has been appointed to the board of Amec Foster Wheeler, the consultancy, engineering and project management company said on Friday. Franklin is also currently chairman of Keller Group and deputy chairman of Statoil ASA and is a non-executive directo

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15 Sep 2015 16:22

FTSE 250 movers: Oil services stocks gush, Stagecoach hit by living wage warning

(ShareCast News) - After hitting a six-day low in early trade, the FTSE 250 index closed the session in positive territory on the back of mining and oil & gas sector gains. Vicissitudinous platinum miner Lonmin topped the mid-cap index for the second day as platinum, which is closely linked to the c

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14 Sep 2015 08:36

BROKER RATINGS SUMMARY: Jefferies Ups BHP Billiton, Cuts Antofagasta

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4 Sep 2015 08:44

BROKER RATINGS SUMMARY: Exane BNP Cuts Next, Raises Kingfisher

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3 Sep 2015 13:37

Amec Foster Wheeler Chief Heads Up New North Sea Efficiency Task Force

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30 Aug 2015 11:38

Amec Foster Wheeler gearing up for return to Iran

(ShareCast News) - Executives at Amec Foster Wheeler, the biggest oil and gas engineer in Britain, have held talks with the foreign secretary Philip Hammond about returning to Iran. The discussions come after the nuclear agreement reached with the Iranian government earlier this year. The deal is a

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28 Aug 2015 08:35

BROKER RATINGS SUMMARY: Credit Suisse Cuts Next And Raises IHG

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27 Aug 2015 10:17

TOP NEWS SUMMARY: CRH Buys US's CR Lawrence For USD1.3 Billion

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27 Aug 2015 10:08

UPDATE: Amec Foster Wheeler Reports Lower Interim Pretax Profit

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27 Aug 2015 07:36

Amec Foster Wheeler interim profit drops amid challenging market conditions

(ShareCast News) - Oil and gas services company Amec Foster Wheeler reported a 12% fall in first-half pre-tax profit amid challenging market conditions, as it said it continues to expect a reduction in trading margins. Interim pre-tax profit fell to £73m from £83m in the same period last year, altho

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27 Aug 2015 07:12

LONDON BRIEFING: CRH Leads Strong Open Following US And Asian Markets

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