UK’s largest oil and gas engineer Amec clinches two North Sea contracts
Amec Foster Wheeler said today that it has won two North Sea contracts with oil explorer Repsol Sinopec.
The FTSE 250-listed firm has agreed to provide labour at seven offshore sites across Scotland, in addition to looking after the modifications and repairs.
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Both contracts are for an initial three-year period, with two optional one-year extensions.
The company's shares rose as much as four per cent to 480.8p per share in afternoon trading, before falling back slightly.
Alan Johnstone, Amec's managing director for upstream asset solutions, said: "These new operations and maintenance contracts are all about efficient delivery, offering innovative solutions and being accountable for what we do."
"I am delighted that we have been chosen as part of the supply chain to support Repsol Sinopec in its continued transformation, and I look forward to seeing us deliver long-term value to them."
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Amec recently announced plans to slash net debt by 50 per cent, as lower for longer oil prices sap customer demand.
Oil explorers have been cutting spending, axing jobs and pausing or abandoning projects due to the downturn.