Oil service group AMEC said yesterday it continued to see healthy demand.
Chief executive Samir Brikho said: “AMEC has performed in line with expectations in the first three months of the year.
“We continue to see healthy demand for our services and investment in our end markets, underpinned by the positive industry trends, particularly in the oil and gas and mining sectors. We are confident that this will support double-digit underlying revenue growth in 2012.
“The acquisitions made in 2011 are integrating well and the pipeline of further acquisition opportunities remains strong.”
In February 2011, fast-growing Aberdeen oil service company qedi was acquired by AMEC in a deal worth up to £33million.
AMEC already had a major presence in the North Sea. It said yesterday its order intake remained strong and included a mix of new contract awards, scope changes and negotiated work. The order book was £3.7billion at March, compared with £3.1billion a year before.
AMEC announced a share-buyback programme of £400million in February and, to date, the group has purchased shares to the value of £75million.
It said it remained in a strong financial position with net cash at the end of last month of around £468million.
AMEC has annual turnover of about £3.3billion and employs more than 27,000 people in around 40 countries.
The group is a supplier of consultancy, engineering and project-management services to its customers in the world’s oil and gas, minerals and metals, clean energy, environment and infrastructure markets.
Its shares closed down 0.7% at £10.71.