AmecFW large drop tomorrow

[youfoolishboy]

It seems Petrofac is not the only one to feel the breath of SFO on the their neck. I worry on the effect now of any oil related business in the UK as most non western oil countries are prone to liking a few $ to oil the wheels of negotiation.

http://uk.advfn.com/stock-market/london ... n/75215513

In its circular to shareholders published on 23 May 2017 the company disclosed that the UK Serious Fraud Office (SFO) may well commence an investigation into Amec Foster Wheeler. The company confirms that today it has been informed by the SFO that it has now opened an investigation into Amec Foster Wheeler, predecessor companies and associated persons in respect of the Foster Wheeler business. The investigation focuses on the past use of third parties and possible bribery and corruption and related offences.

[youfoolishboy]

It made it over 10% at one point. I suspect the tie to Woodgroup share price kept it going. I bailed out at the end of the day with about a 10% loss having missed the opening I am keeping out of contractors to much bribery and corruption will sell Petrofac soon as well am trading the bounce on that one.

[youfoolishboy]

oh well not a great decision yesterday but better safe that sorry I sold Carrillion as soon as it opened the other day and that saved me a load of money 50% right is not bad :0)
Going forward I see problems at AmecFW in the Uk. The rates they are offering contractors to work there are 20% lower than other companies and the market is tightening so they will have to raise rates and I have a feeling they priced jobs on lower rates. Will take a time to a show up on accounts but something to bear in mind.

[youfoolishboy]

I am leaving current job tomorrow for £10 more an hour in Farnborough I know nobody out off work in I&C and I know AmecFW are looking for 4 or so bodies for a long term job. Maybe just my discipline. Bechtel are paying £2 less than Farnbourgh. Nothing in Leatherhead but that is going to change from what I hear so more bodies needed in a few months I am guessing. From where I am standing it's tightening.

[Clitheroekid]

And only yesterday our other friends in Leatherhead were looking for senior mechanical engineer at GBP 20/hour less than a very short time ago.

As a matter of interest what were the actual rates on offer?