UK Company Wins Largest Contract Yet

The UK's engineering services group Amec and its US partner Fluor have won a $ 1.1bn contract to rebuild the water and sewage system in Iraq. The contract comes on top of a $ 500m Iraqi power supply contract that the joint venture won earlier this month, and is the largest deal yet won by a UK company from the raft of reconstruction projects being funded by the US government.

News of the win sent Amec shares up more than 4 per cent in early trade, making it one of the highest risers among mid-cap stocks on the FTSE. By late morning, the shares were trading at 304.7p, up just under 3 per cent on the day. Amec and Fluor have bid for seven contracts in Iraq - worth a total of $4 billion.