Table of Contents

Executive Summary

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TABLE OF CONTENTS

EXECUTIVE SUMMARY INTRODUCTION Definitions Economic Background Overview

Political Climate Interest Rates Inflation

Exchange Rates Taxation

Household Income and Consumer Expenditure Output

Investment

Forecasts

Methodology

Exchange Rates

Abbreviations

MARKET OVERVIEW

Market Size and Trends, 1994-1998

Market Segmentation, 1994-1998

Factors Affecting Investment

Forecast Segmentation, 1999-2003

CHEMICAL INDUSTRY

Market Size, 1994-1998

Investment Trends

Distribution of Investment

By Sector

By Region

Market Forecasts, 1999-2003

FOOD & DRINK PROCESSING

Market Size, 1994-1998

Investment Trends

Distribution of Investment

Market Forecasts, 1999-2003

OIL & GAS PRODUCTION

Market Size, 1994-1998

Investment Trends

Distribution of Investment

Market Forecasts, 1999-2003

WATER INDUSTRY

Market Size, 1994-1998

Investment Trends

Distribution of Investment

Market Forecasts, 1999-2003

ELECTRICITY GENERATION

Market Size, 1994-1998

Investment Trends

Distribution of Investment

By Sector

By Company

Market Forecasts, 1999-2003

PETROLEUM REFINING

Market Size, 1994-1999

Investment Trends

Market Forecasts, 1999-2003

IRON & STEEL INDUSTRY

Market Size, 1994-1998

Investment Trends

Market Forecasts, 1999-2003

GAS SUPPLY

Market Size, 1994-1998

Investment Trends

Distribution of Investment

Market Forecasts, 1999-2003

NUCLEAR FUEL REPROCESSING

Market Size, 1994-1998

Investment Trends

Market Forecasts, 1999-2003

OPPORTUNITIES FOR SUPPLIERS

Chemical Industry

Food & Drink Processing

Oil and Gas Production

Water Industry

Electricity Generation Industry

Petroleum Refining

Iron & Steel Industry

Gas Supply Industry

Nuclear Fuel Processing

INDUSTRY STRUCTURE

Overview

Company Profiles

APV

AMEC

Halliburton Brown & Root

Fluor Daniel

Foster Wheeler

M W Kellogg

Kvaerner

Motherwell Bridge Holdings

Simon Engineering Services

Overview

Simon-Carves

Tetra Pak

TRADE ASSOCIATIONS AND INDUSTRY REGULATORS MAGAZINES

LIST OF TABLES

1. Economic Indicators On The UK Economy, 1992-2000

2. Capital Expenditure By The UK Process Industries, 1994-1998 3. Capital Expenditure By The UK Process Industries, By Sector, 1994-1998

4. UK Process Plant Expenditure, By Sector, 1994-1998

5. Forecast Capital Expenditure By The UK Process Industries, By Sector, 1999-2003

6. Forecast UK Process Plant Expenditure, By Sector, 1999-2003 7. UK Capital Expenditure By The Chemical Industry, 1994-1998 8. Capital Expenditure By The UK Chemical Industry, By Purpose Of Investment, 1994-1998

9. Proportional Importance Of Capital Expenditure By The Chemical Industry, By Type Of Investment, 1994-1998

10. Capital Expenditure By The UK Chemical Industry, By Sector, 1994-1998

11. Proportional Importance Of Capital Expenditure By The UK

Chemical Industry, By Sector, 1994-1998

12. Capital Expenditure By The UK Chemical Industry, By Region, 1997 And 1998

13. Forecast Capital Expenditure By The Chemical Industry, 1999-2003

14. UK Capital Expenditure By The Food & Drink Processing Industry, 1994-1998

15. UK Capital Expenditure On Process Plant By The Food & Drink Processing Industry, By Sector, 1994-1998

16. Forecast UK Capital Expenditure By The Food & Drink Processing Industry, 1999-2003

17. Capital Expenditure By The UK Oil & Gas Production Industry, 1994-1998

18. Capital Expenditure By The UK Oil & Gas Production Industry, By Type Of Equipment, 1994-1998

19. Proportional Importance Of Capital Expenditure By The UK Oil & Gas Production Industry, By Type Of Equipment, 1994-1998 20. Forecast Capital Expenditure By The UK Oil & Gas Production Industry, 1999-2003

21. UK Capital Expenditure By The Water Industry, 1994-1998 22. UK Capital Expenditure By The Water Industry, By Region, 1994-1998

23. UK Capital Expenditure By Water Service Companies, By Company, 1994-1998

24. Forecast UK Capital Expenditure By The Water Industry, 1999-2003

25. Forecast UK Capital Expenditure By The Water Industry, By Region, 1999-2003

26. UK Capital Expenditure In The Electricity Generation Industry, 1994-1998

27. UK Electricity Generated, By Type Of Plant, 1994-1998

28. UK Capital Expenditure By The Electricity Generation Industry, By Company, 1994-1998

29. Forecast UK Capital Expenditure By The Electricity Generation Industry, 1999-2003

30. UK Capital Expenditure By The Petroleum Refining Industry, 1994-1998

31. Utilisation Of UK Refinery Capacity By The Petroleum Refining Industry, 1994-1998

32. Forecast UK Capital Expenditure By the Petroleum Refining Industry, 1999-2003

33. UK Capital Expenditure By The Iron & Steel Industry, 1994-1998

34. Forecast UK Capital Expenditure By The Iron & Steel Industry, 1999-2003

35. UK Capital Expenditure By The Gas Supply Industry, 1994-1998

36. UK Process Plant Expenditure By The Gas Supply Industry, 1994-1998

37. Forecast UK Capital Expenditure By The Gas Supply Industry, 1999-2003

38. UK Capital Expenditure By The Nuclear Fuel Reprocessing Industry, 1994-1998

39. Forecast UK Capital Expenditure By The Nuclear Fuel Reprocessing Industry, 1999-2003

40. Financial Summary Of APV, 1994-1997

41. Financial Summary Of Siebe Intelligent Automation, 1996-1998

42. Financial Summary Of AMEC's Process & Energy Division, 1996 And 1997

43. Financial Summary Of Amec's Capital Projects Division, 1997 And 1998

44. Financial Summary Of Halliburton Brown & Root, 1993-1997 45. Turnover Of Halliburton Brown & Root, By Geographical Region, 1995-1997

46. Financial Summary Of Fluor Daniel, 1993-1997

47. Turnover Of Fluor Daniel, By Region, 1996 And 1997

48. Financial Summary Of Foster Wheeler, 1995-1998

49. Turnover Of Foster Wheeler, By Region, 1997 And 1998

50. Financial Summary Of M W Kellogg, 1994-1998

51. Financial Summary Of Kvaerner, 1994-1998

52. Turnover Of Kvaerner, By Type Of Business, 1997 And 1998 53. Turnover OF Kvaerner, by Region And Type Of Business, 1997 And 1998

54. Financial Summary Of Motherwell Bridge Holdings, 1994-1998 55. Turnover Of Motherwell Bridge Holdings, By Type Of Business, 1997 And 1998

56. Turnover Of Motherwell Bridge Holdings, By Region, 1997 And 1998

57. Financial Summary Of Simon Engineering Services, 1994-1998 58. Financial Summary Of Simon-Carves, 1995-1997

59. Turnover of Simon-Carves, By Region, 1996 And 1997

60. Financial Summary Of Tetra Pak, 1993-1997

61. Turnover Of Tetra Pak, By Region, 1996 And 1997

LIST OF DIAGRAMS

1. UK Process Plant Expenditure By The Process Industries Compared With Total Capital Expenditure By The Process Industries, 1994-2003

2. UK Process Plant Expenditure By The Chemical Industry Compared With The Industry Total, 1994-2003

3. UK Process Plant Expenditure By The Food & Drink Processing Industry Compared With The Industry Total, 1994-2003

4. UK Process Plant Expenditure By The Oil & Gas Production Industry Compared With The Industry Total, 1994-2003

5. UK Process Plant Expenditure By The Water Industry Compared With The Industry Total, 1994-2003

6. UK Process Plant Expenditure By The Electricity Generation Industry Compared With The Industry Total, 1994-2003

7. UK Process Plant Expenditure By The Petroleum Refining Industry, 1994-2003

8. UK Process Plant Expenditure By The Iron And Steel Industry Compared With The Industry Total, 1994-2003

9. UK Process Plant Expenditure By The Gas Supply Industry Compared With The Industry Total, 1994-2003

10. UK Process Plant Expenditure By The Nuclear Fuel Reprocessing Industry Compared With The Industry Total, 1994-2003

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EXECUTIVE SUMMARY

Capital expenditure by the UK process industries is believed to have increased by some 8 percent in 1998 to reach a total value of 18.0 billion (?25.6 billion). MSI believe total that process plant investment by the process industries increased by 1 percent in the same year to 7.6 billion (?10.8 billion), representing 42 percent of total investment.

MSI believe that in 1998 capital expenditure on process plant increased in each of the following sectors:

* oil & gas production

* chemical industry

* food & drink processing

* electricity generation

* gas supply

* nuclear fuel reprocessing

The performance of end user sectors is a key indicator of demand for process plant equipment. Indeed, during the review period the many process industries have been affected by a number of economic and regulatory factors which in many cases have adversely affected their performance. Consequently, many companies operating in the process industries have focused on improving the efficiency of their operations by focusing on:

* reducing costs

* focusing on particular markets

* diversification

* acquisitions and disposals

MSI forecast that capital expenditure by the UK process industries will decline by some 9 percent during 1999. Furthermore, between 1999 and 2003 MSI expect that capital investment on process plant will fall by 10 percent in real terms.

MSI report that process plant manufacturers have focused their operations on selected markets that make most effective use of their strengths and ensures a greater understanding of customers needs. Moreover, some process plant manufacturers are adding value to the work they undertake by becoming involved in the early stages of projects.

There has been a significant amount of acquisition activity within the process plant industry during the review period, particularly by larger companies, as they sought to widen their product portfolios. Subsequently, the level of concentration of the industry has increased substantially.

Text © 1999 MSI

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