Foster Wheeler AG
) recently acquired UK's upstream consultancy company Ingen
Ideas. The financial details of the transaction were not
disclosed. Ingen will be included in Foster's EMEA (Europe,
Middle East, Africa) Upstream operations, which is already
present in U.K.
The Ingen acquisition is part of Foster's long-term strategy
to expand its upstream capabilities, particularly in the offshore
areas, and also to broaden its offering to include full oil and
gas value chain. Foster believes that by providing high-quality,
high value-added consultancy services to its clients at an early
phase of oil and gas project development, the company will
develop long-term relationships with its clients, thereby
strengthening its position for future phases of the projects.
The oil and gas industry is usually divided into three major
sectors: upstream, midstream and downstream. The upstream sector
includes the searching for potential underground or underwater
crude oil and natural gas fields, drilling of exploratory wells,
and subsequently drilling and operating the wells that recover
and bring the crude oil and/or raw natural gas to the
Ingen is one of the leading upstream consultancy providers
specializing in field development, process engineering including
subsea and topsides design, flow assurance, enhanced oil and gas
recovery, carbon management and petroleum engineering.
Recently, Foster had acquired Mexican engineering company
NorthAm Engineering S.A. DE CV for an undisclosed amount. Through
this acquisition, the company intends to expand its operations in
the growing Mexican market.
Foster Wheeler currently has a Zacks Rank #3 (Hold). Some
other stocks worth a look at the moment are
Orion Marine Group Inc.
Primoris Services Corporation
Harris & Harris Group, Inc.
). All three carry a Zacks Rank #2 (Buy).
FOSTER WHELR AG (FWLT): Free Stock Analysis
ORION MARINE GP (ORN): Free Stock Analysis
PRIMORIS SERVCS (PRIM): Free Stock Analysis
HARRIS & HARRIS (TINY): Get Free Report
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