Amec Foster Wheeler plc (AMFW) - NYSE
  • Tue, Jun. 21, 7:37 AM
    • Amec Foster Wheeler (NYSE:AMFW) wins a three-year contract from BP to complete conceptual studies and pre-front end engineering design work to support production at the Rumaila oi lfield in Iraq.
    • Rumaila is one of the world's largest oil fields and the largest producing field in Iraq, producing 1.34M bbbl/day and delivering more than a third of the country's oil.
    | Tue, Jun. 21, 7:37 AM
  • Wed, Apr. 27, 9:11 AM
    | Wed, Apr. 27, 9:11 AM
  • Wed, Apr. 27, 7:55 AM
    • Amec Foster Wheeler (NYSE:AMFW) appoints Dr. Jonathan Lewis as its new CEO, effective June 1, to replace longtime CEO Samir Brikho, who quit earlier this year.
    • Lewis has served in several senior roles at Halliburton (NYSE:HAL) since 1996, currently as senior VP in charge of the company's completion and production division.
    • Interim CEO Ian McHoul will remain with AMFW as CFO.
    • AMFW also reports Q1 revenues of £1.3B ($1.9B), down 1.5% Y/Y, an end-of-quarter order book of £6.4B from £6.6B at year-end 2015, and leaves FY 2016 financial guidance unchanged.
    | Wed, Apr. 27, 7:55 AM
  • Mon, Jan. 18, 8:05 AM
    • Amec Foster Wheeler (NYSE:AMFW) chief executive Samir Brikho is stepping down after nine years at the helm of the company.
    • He will be replaced in the interim by finance chief Ian McHoul while the search for a new CEO is conducted.
    | Mon, Jan. 18, 8:05 AM
  • Nov. 6, 2015, 5:30 PM
    • Oilfield service companies are in "survival mode," looking to cut costs large and small - from thousands of job cuts to capacity reductions to changing paint colors - WSJ reports.
    • Example: Technip (OTCQX:TNHPF) is cutting 6K jobs and using white paint instead of yellow on underwater equipment because adding pigment is more expensive.
    • The oil downturn has left even the world's biggest oil services company, Schlumberger (NYSE:SLB), vulnerable; in its Q3 results, the company reported big drops in earnings and revenue.
    • Next year could be even worse as producers cut more than $200B in spending this year and next; consult Wood Mackenzie expects only 10 new projects globally to attract investment commitments, which would hit a sector that typically has the capacity to support an average of 40-50 new projects a year.
    • Other relevant tickers include: HAL, BHI, CAM, WFT, AMFW, XLE, OIH, XES, IEZ
    | Nov. 6, 2015, 5:30 PM | 5 Comments
  • Nov. 5, 2015, 8:20 AM
    • Amec Foster Wheeler (NYSE:AMFW) falls as much as 26% in London trading after cutting its dividend in half and issuing a profit warning, pressured by the oil price slump.
    • AMFW says it needed to intensify its cost-cutting actions, and raises its cost savings target by $55M to $180M by 2017; part of the plan includes cutting its annual dividend by 50% to ~14.2 pence, which the company says will save ~$131M/year.
    • AMFW also says it is "reviewing low-growth parts of our business with a view to driving an underlying improvement or an exit of those positions."
    • AMFW's order book was valued at £6.5B ($10B) at the end of September, down from £6.6B as of June 30.
    | Nov. 5, 2015, 8:20 AM
  • Sep. 3, 2015, 2:59 PM
    • Halliburton (HAL -0.5%) is upgraded to Buy from Hold with a $44 price target at HSBC, despite a worsened oilfield service outlook since March with additional E&P capital expenditure cutbacks and further oil price turbulence.
    • HSBC says HAL's decremental margin performance in H1, even adjusting for the depreciation on assets held for sale, of 37% Y/Y and 34% Q/Q was much better than the comparable period in 2009 which showed declines of 66% Y/Y and 47% Q/Q.
    • Yet the firm considers AMEC Foster Wheeler (AMFW +0.3%) as a "preferred play" in the sector, as the company has shown resilience through H1 of the year while committing to preserving its dividend and the stock is trading at a valuation level nearly 50% below its historical averages
    | Sep. 3, 2015, 2:59 PM | 4 Comments
  • Jun. 2, 2015, 8:31 AM
    • Amec Foster Wheeler (NYSE:AMFW) warns that its trading margins for 2015 likely will continue to erode, as customers push for cuts in prices in the wake of lower crude oil prices.
    • Amec says revenue growth at its renewable energy engineering and construction activities would be less than 10% this year compared with 2014 after delays at projects in North America, offsetting growth at its refinery business and in Middle Eastern oil and gas markets.
    • Says its order book rose to £6.7B ($10.19B) at the end of April, up 6.3% since the start of the year, helped by recent contract wins in the nuclear and the transmission and distribution markets.
    | Jun. 2, 2015, 8:31 AM
  • Mar. 26, 2015, 11:18 AM
    • In its first set of annual results since its 2014 merger, Amec Foster Wheeler (AMFW -3.7%) says pre-tax earnings fell to £155M from £255M a year earlier but total revenue grew 2% Y/Y to £3.92B, in line with expectations as improvement in its clean energy business offset weakness in the U.S. and Europe and currency headwinds from a strong pound.
    • Revenue from oil operations fell 5% Y/Y in 2014, while that from the power business including renewable energy and nuclear rose 16%, a trend the company expects to continue in 2015.
    • AMFW expects its business to remain under pressure throughout 2015 while oil prices remain weak, but believes its acquisition of Foster Wheeler will benefit through increased exposure to lucrative emerging markets and the Middle East.
    | Mar. 26, 2015, 11:18 AM
  • Jan. 13, 2015, 11:58 AM
    • A group of companies including the U.K.'s Amec Foster Wheeler (AMFW +0.5%) and France's Areva will be stripped of a £9B contract ($13.6B) to run Europe’s biggest nuclear waste site, after the U.K. government said it was a mistake to transfer its management to the private sector.
    • Changes announced by British Energy Secretary Ed Davey will require the Sellafield site in England to fall under the direct control of the U.K.’s Nuclear Decommissioning Authority.
    • The consortium has run the site since 2009 and was awarded a five-year extension to its contract in 2013, despite criticism of cost overruns and delays.
    | Jan. 13, 2015, 11:58 AM
  • Nov. 24, 2014, 8:06 AM
    • Amec Foster Wheeler (Pending: AMFW) announces that BHI, a licensee of its Global Power Group, has been awarded a contract to design and supply two Heat Recovery Steam Generators as part of a large power plant expansion in the U.S. Northeast.
    • Amec Foster Wheeler will act as a subcontractor to BHI on the project providing a liaison project manager, technical advisor services, and warranty support.
    | Nov. 24, 2014, 8:06 AM
  • Nov. 21, 2014, 5:38 PM
    | Nov. 21, 2014, 5:38 PM
  • Nov. 13, 2014, 8:29 AM
    • Amec (OTCPK:AMCBY) has completed its offer to purchase all of the issued and to be issued registered shares of Foster Wheeler (NASDAQ:FWLT), creating a combined entity to be known as Amec Foster Wheeler.
    • The new company has a workforce of over 40K in more than 50 countries, 2013 annualized scope revenues of £5.5B and a £6.3B order book.
    • Amec Foster Wheeler ADSs will begin trading on the NYSE today on a "when issued" basis under the ticker "AMFW".
    • Ticker "FWLT" will be delisted from the NASDAQ.
    • Previously: U.K.'s Amec agrees to buy Foster Wheeler for $3.1B
    | Nov. 13, 2014, 8:29 AM
  • Nov. 3, 2014, 7:36 AM
    • Foster Wheeler (NASDAQ:FWLT): Q3 EPS of $0.31 misses by $0.18.
    • Revenue of $859.72M (+7.2% Y/Y) misses by $70.16M.
    | Nov. 3, 2014, 7:36 AM
  • Oct. 23, 2014, 11:04 AM
    • Foster Wheeler (FWLT +0.6%) has completed the acquisition of MDM Engineering Group (OTC:MDMEF) on terms consistent with the merger implementation agreement entered into on March 12, 2014.
    • "This acquisition...provides a platform for growth in Africa, one of the fastest growing mining regions in the world, and in other regions," says Foster Wheeler CEO J. Kent Masters.
    • MDM will now become part of the rapidly growing Minerals and Metals group within Foster Wheeler.
    • Previously: Foster Wheeler, MDM receive merger approval 
       
    | Oct. 23, 2014, 11:04 AM
  • Sep. 23, 2014, 8:07 AM
    • Foster Wheeler (NASDAQ:FWLT) has announced a new contract with Petron (OTC:PNENY), under which a subsidiary of its Global Engineering and Construction Group will provide operator training and start-up assistance services for Petron’s new delayed coking unit at its Bataan Refinery in the Philippines.
    • Additionally, a subsidiary of Foster Wheeler's Global Power Group has been awarded a contract by Longview Power to rehabilitate the wet flue gas desulfurization system at Longview's facility in West Virginia.
    | Sep. 23, 2014, 8:07 AM
Company Description
Amec Foster Wheeler Plc provides consultancy, engineering, and project management services to the natural resources, nuclear, infrastructure, clean energy, water and environmental sectors. It also provides services in designing, delivering and maintaining strategic and complex assets such as... More
Industry: Industrial Equipment & Components
Country: United Kingdom