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