U.K. based oil and gas engineering company, Amec Foster has emphasised the importance of the Iraqi economy in their 2015 results report. Additionally, shares in Amec Foster Wheeler were up 7% while the company also announced to reduce overall debt.
“Iraq remains an important market for us, as we support various IOCs as they develop the oil & gas fields in southern Iraq”.
Ian McHoul, Chief Financial Officer and interim CEO said:
“Our 2015 trading performance was in line with our November update …
“2016 is expected to be another year of challenging market conditions across upstream Oil & Gas and Mining.
“However, our exposure to a number of end markets, including downstream Oil & Gas, renewables and government work means we expect to see only a slight fall in like-for-like revenue, and a reduction in trading margins significantly less than the decline in 2015.”
Shares in Amec Foster Wheeler were up 7 percent in early trading, as the company announced plans to reduce overall debt.