UK’s Amec Foster H1 profit falls 8pc

LONDON: British oil and gas services company Amec Foster Wheeler Plc, which is being bought by John Wood Group Plc, reported an 8 per cent fall in its half-year trading profit, hurt by weak upstream oil and gas markets.
Britain’s Competition and Markets Authority (CMA) said earlier this month that the Wood Group deal could lead to competition concerns in the supply of engineering and construction services and operation and maintenance services on the UK continental shelf.
Amec said it was preparing its UK North Sea operations for sale, adding that a competitive process was already underway, in response to the CMA’s concerns. — Reuters

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