Engineering services company Foster Wheeler's results for the first quarter 2001 show a drop in earnings and orders booked. Net earnings dropped to $8.1 million on $698.2 million in revenues compared to 2000 when they were $8.4 million on $836.6 million revenues.

Richard Swift, chairman, president and chief executive officer, said: "I am pleased with our first quarter earnings, which were in line with our expectations.

"However our revenues were lower as a result of the slowdown in bookings from almost two years ago,'' he said. "Typically in our industry there is a lag of 18 months to two years from the time an order is received to when it is realised as revenue. Nevertheless this is a solid start to 2001. It builds on the steps we took in 2000 and reflects our company-wide commitment to better overall financial performance.'' The company said that engineering remains an active sector and the company continues to book long-term contracts. Market trends, such as high oil prices and the rapidly increasing number of power modernisation projects caused by the heightened demand for electric generation, indicate encouraging growth potential for the company, a spokesman said.