Original news was published on 05 November, 2015

Engineering project management firm, Amec Foster Wheeler has announced a focus on “increasing operational efficiency” in order to remain competitive in a “challenging market.”

“Amec Foster Wheeler is asset light and has a flexible business model which means that we can adapt easily to meet project demands. One of our other key differentiators is that we also work across non-hydrocarbon end markets and are able to pursue a variety of opportunities,” said Roberto Penno, group president for Amec Foster in Asia, Middle East, Africa & Southern Europe.

The focus on efficiency comes in the wake of weak results from the firm which expects its profit margins to decline in the second half of the year. In a recent trading update the firm announced it was looking to increase cuts from $US55 million to $US180 million by 2017.

Despite the weak results, the EPC remains confident about the outlook of the market in the Middle East. “While the market is challenging, we are in a strong position and committed to delivering long-term operational efficiency for our customers, regardless of the oil price,” Penno said.

The firm has continued to expand in the Middle East, most recently winning a contract extension for the UZ750 project in the Upper Zakum field and pursuing large-scale projects in Kuwait, Saudi Arabia, Iraq, Qatar and Oman.

*NEWS SOURCE