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AMEC Benefits From North Sea Drilling Contract

By Sam Robson - Apr 4, 2013 at 11:13AM

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AMEC "in line" with market expectations.

LONDON -- Shares in AMEC (LSE: AMEC) lifted 2% in early trade, putting on 23 pence to reach 1,102 pence following the release of its interim management statement.

Trading for the year to date was confirmed as being in line with the British multinational consultancy, engineering and project management company's previous expectations, and guidance remains unchanged from the final results issued mid-February, which saw the dividend increased by 20%.

Management stated that the order intake and forward visibility "remained good", up to £3.7 billion compared to December 2012's figure of £3.6 billion and equal to March 2012's figure.

Chief executive Samir Brikho commented:

We continue to see good growth in conventional oil & gas, with new contract awards, such as the £68 million contract to deliver the hook up and commissioning services for the two new Clair Ridge platforms for BP and its co-venturers, boosting activity in the North Sea in particular.

The acquisitions made in 2012 are integrating well and the pipeline of further acquisition opportunities remains good. We remain on track to achieve our targeted EPS of greater than 100 pence ahead of 2015.

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