Oilfield services firm Amec Foster Wheeler reports falling revenue

Amec Foster Wheeler, one of the biggest oilfield services companies in the North Sea, has reported falling revenue as a result of the industry downturn.

The global company, based in the UK, employs 12,000 in its northern Europe division, much of that in the UK North Sea.

The company is also a big player in providing engineering services to Britain's nuclear power plants.

Revenue in Europe fell 9%, largely due to less activity in the UK North Sea.

However, profits rose 9% to £101m, due to no further losses from the Teesside gas processing plant.

For the company as a whole, reported pre-tax profits were down 39% to £155m, on revenue just below £4bn.

'Mix of performance'

With its full-year results for last year, the company stated: "For 2015, we expect to see a continuation of recent trends - with growth in clean energy (including nuclear), downstream and Middle Eastern Oil & Gas markets offsetting tougher conditions elsewhere.

"This mix of performance, together with the increased customer pricing pressure and cost saving plans, is expected to lead to a modest reduction in like-for-like trading margins."

Key projects worked on during the year include a five-year call-off contract to provide brownfield engineering for Talisman, the Clair Ridge project for BP, the Cygnus project for GDF Suez and several projects with BG and Conoco Phillips in the UK North Sea.

The company is also working with National Grid to design new transmission cables.

Amec took over 95% of Foster Wheeler, an American-based engineering firm, in November 2014, completing the deal in January.