10 Mar 2016 12:11
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Don't have an account? Click here to register.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.
More News
10 Mar 2016 09:16
Amec swings to loss in 2015 but outlook welcomed
(ShareCast News) - Amec Foster Wheeler said it swung to a loss in 2015 but shares in the oil and gas engineer rose sharply as investors welcomed the company's debt line and outlook. The group posted a pre-tax loss of £235m compared with a profit of £155m in 2014 amid challenging conditions in the oi
Read more4 Mar 2016 12:03
Amec Foster Wheeler surges on US Air Force contract win
(ShareCast News) - Shares in Amec Foster Wheeler surged on Friday after the oilfield services firm said it has secured a seven-year contract with the US Air Force. The FTSE 250 company said it has been awarded prime contractor position on the Air Force Civil Engineer Center (AFCEC) Architect-Enginee
Read more3 Mar 2016 16:24
3 Mar 2016 10:41
Amec Foster secures £125m contract with BP
(ShareCast News) - Engineering services company Amec Foster Wheeler has secured a one-year engineering, procurement and construction contract with BP worth £125m. The contract is to build a new refrigeration plant that will maintain efficient operations across BP's Forties pipeline system. It cover
Read more2 Mar 2016 08:33
Amec Foster Wheeler completes debt refinancing
(ShareCast News) - Amec Foster Wheeler has completed a £1.7bn refinancing of its main debt facilities. The engineering services company said the new facility with a syndicate of 20 banks includes a three year £650m term loan, a five-year £650m term loan and a five-year £400m revolving credit facilit
Read more23 Feb 2016 06:59
Amec Foster Wheeler wins US defence construction contract
(ShareCast News) - Amec Foster Wheeler has won a $183m contract from the US Army Corp of Engineers (ASACE) to help build at the Aegis missile site in Poland. The FTSE 250 company will provide USACE with launcher foundations, apron and crane pads, power plant facilities, warehouses and affiliated
Read more