British oil and gas services company Amec Foster Wheeler Plc raised its cost-savings target for the year and cut its dividend in half, pressured by the slump in oil prices.
Ian McHoul, the chief financial officer at Amec Foster Wheeler, told CNBC Thursday that any cut in dividend is always "poorly received" and said the company was "very disappointed" that it had to make this decision.
"This is about setting the business up for stability in what are very choppy waters now," he said. "We're active in solar, in wind, in mining…so there are pockets of strength. But what we're seeing from our oil and gas customers is a push down in pricing."
He explained the company now had the task of putting itself in a position where it could drive profits for the long term.