Amec Foster Wheeler plans asset sales following $361 million loss

AFW plans asset sales following $361 million loss

UK-based LNG engineer, Amec Foster Wheeler, on Thursday posted a £256 million ($361 million) net loss for the year 2015, compared to the £82 million ($115.5 million) profit a year before.

Ian McHoul, chief financial officer and interim CEO expects “the challenging market conditions to continue for the foreseeable future.”

The company revealed in a statement its year-end net debt totaled £946 million ($1.33 billion), adding that it is looking to cut its costs further as it has identified a number of non-core assets.

One of such assets is Global Power Group which AFW intends to sell over the next 15 months, hoping it would push the company closer towards the target of halving the net debt within the same timeframe.

LNG World News Staff

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