Wood Group banks £227m on sale of Amec N. Sea assets

Robin Watson
Robin Watson

The North Sea assets which the Competition Authority ordered Amec Foster Wheeler to dispose of have been sold for £227 million.

The Competition Authority stipulated this condition as a requirement of Amec’s £2 billion merger with Wood Group.

Worley Parsons Europe Limited entered into a binding agreement to acquire the majority of Amec Foster Wheeler’s UK North Sea operations. 

The business being sold consists of the majority of Amec Foster Wheeler’s UK upstream oil and gas business located in the UK and serving UK customers (excluding its commissioning business, qedi).

Wood Group will use the cash proceeds to reduce net debt.

As a result of the merger with Amec, the Wood Group now operate in more than 60 countries, employing around 55,000 people, with revenues of over $11 billion.

Robin Watson, Chief Executive of Wood Group commented: “This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets.

“We expect to deliver significant cost synergies and incremental revenue synergies in a less cyclical business and  have become a business of significant scale and enhanced capability delivering services across a broader range of geographies and sectors.”

 

30 Oct 2017

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed