The Saudi Arabian Oil Co., known commonly as Saudi Aramco, formed a joint venture partnership on Wednesday that aims to spend at least $5 billion on a new facility in the east of the country that would support the offshore oil and gas sector.
Amec Foster Wheeler, the target of an all-share offer from Scottish counterpart Wood Group, said Thursday it was awarded a five-year contact from Saudi Aramco to support an expansion project at the multi-billion dollar Marjan oil and gas field in eastern Saudi Arabia.
"This latest award for this major oilfield expansion program is a real vote of confidence in our technical expertise and our ability to deliver large and complex projects, plus our long-term commitment to local development," Nick Shorten, the head of exploration and production projects for Amec Foster Wheeler, said in a statement.
The award follows statements of concern from the front office at Amec Foster Wheeler. CEO Jonathan Lewis said in April that last year saw a record gain for renewables, particularly solar power, though a decline in oil and gas activity was expected for 2017.
Wood Group, meanwhile, cut about 35 percent of its payroll and drew down overhead costs by $96 million last year.
Amec Foster Wheeler said the core focus of the expansion project in Saudi Arabia would be to facilitate natural gas processing.
Shareholders for Amec Foster Wheeler vote on the Wood Group offer later this month.
| Buy Advertising | About Us | Editorial & Other Enquiries | Privacy statement |
| The content herein, unless otherwise known to be public domain, is Copyright 1995-2026 Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principles for news reporting and research purposes. |
