Foster Wheeler AG (Nasdaq: FWLT) announced today that it has acquired Ingen Ideas ("Ingen"), a privately held upstream consultancy company located in Aberdeen, UK.
Ingen specializes in field development and project decision support, focused on the evaluation and implementation of oil and gas field developments covering greenfield and brownfield assets. Ingen's expertise includes field development, process engineering including subsea and topsides design, flow assurance, enhanced oil and gas recovery, carbon management and petroleum engineering.
Ingen will become part of Foster Wheeler's EMEA (Europe, Middle East, Africa) Upstream operations, which already has operations in Woking, Reading, Glasgow and Hull, all in the UK.
“The acquisition of Ingen is part of our stated strategy to grow our upstream capabilities, particularly for offshore, and to extend our offering to our clients to encompass the full oil and gas value chain,” said Kent Masters, Chief Executive Officer, Foster Wheeler AG. “The ability to provide high quality, high value-added consultancy services to our clients at a very early phase of the development of an oil and gas asset is a key factor in developing and extending long-term relationships with our clients, and also strengthens our position for future phases of these projects.”
Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Reading, United Kingdom. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.
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