Sector News

Amec Foster Wheeler appoints Halliburton executive as CEO

April 27, 2016

British oil and gas services company Amec Foster Wheeler said it has appointed Halliburton executive Jonathan Lewis as chief executive on Wednesday, replacing long-serving CEO Samir Brikho who left unexpectedly in January.

The company also said in a trading update on Wednesday that it expected a slight decline in revenue this year and that net debt was expected to stand at 1 billion pounds ($1.46 billion) at the end of the year, roughly in line with end-2015 levels. Amec said it was confident to halve net debt before June 2017.

The services group halved its dividend last year, cutting spending as its oil markets clients have delayed and cancelled projects due to weak oil prices.

($1 = 0.6865 pounds)

By Karolin Schaps

Source: Reuters

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