Amec Foster Wheeler has been hit by falling revenue as a result of the decline in oil price.
The company said revenue in Europe fell by 9%, which was in part caused by less activity in the North Sea.
Profits rose by 9% to £101million while reported pre-tax profits were down 39% to £155million from £255million a year earlier.
Last November, Amec took over Foster Wheeler, completing the deal in January.
A spokesman said:”For 2015, we expect to see a continuation of recent trends – with growth in clean energy (including nuclear), downstream and Middle Eastern Oil & Gas markets offsetting tougher conditions elsewhere.
“This mix of performance, together with the increased customer pricing pressure and cost saving plans, is expected to lead to a modest reduction in like-for-like trading margins.”
The company worked on a number of key projects during the year including the Clair Ridge project for BP and the Cygnus project for GDF Suez.