Amec Foster Wheeler wins £125m BP contract

 
Jessica Morris
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Low oil prices have forced Amec customers to rein in spending (Source: Getty)

There was another slither of good news for investors in Britain's largest oil and gas engineering group today, after it announced a £125m with energy giant BP to build a plant for its Forties Pipeline System in the North Sea.

It comes a day after Amec revealed a new deal for its £1.7bn debt facility. The move is expected to shore up its balance sheet and reduce some of the immediate repayments pressure.

The company has suffered with low oil prices forcing its customers to rein in spending. This prompted it to halve its dividend and forecast lower earnings for the second half of 2015.

"We're delighted to be supporting BP with this important contract which is vital for maintaining North Sea operations," John Pearson, the company's group president Northern Europe & CIS, said.

"This contract is a great example of how we are using our leading brownfield and onshore engineering experience and expertise to deliver the best solution for our client."

"We have been working with BP at Grangemouth since the 1970s and look forward to providing them with continued safe and efficient operations."

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