UK construction giant Amec has missed out on $2 billion worth of contracts to rebuild damaged oil infrastructure in Iraq. The news will be a blow for the company which, along with US partner Fluor, has lobbied hard to win one of the two contracts on offer from the US Army Corps of Engineers. The work has instead been split between KBR, a subsidiary of Houston-based Halliburton, which will operate in the south of Iraq, and a partnership between California-based Parsons and Worley Group of Australia, which will work in the north. Halliburton has scooped the more valuable deal - worth up to $1.2bn. The two new deals supersede the initial contract, from which Halliburton has already made more than $2.3bn.
Better luck next time. |