Amec Foster Wheeler takeover provides North Sea entry for WorleyParsons
11 Oct 2017
Amec Foster Wheeler’s North Sea oil and gas maintenance business arm is to be sold to WorleyParsons for nearly £230 million.
The sale is prompted by Wood Group’s attempted takeover of the overall AMC operation, which attracted interest from regulators because it would effectively combine the two key players in North Sea maintenance.
WorleyParsons’ acquisition will itself depend on Wood Group securing regulatory approval for its planned purchase.
Australia-based WorleyParsons has been keen to establish a presence in the UK Continental Shelf (UKCS) and expand its international reach in maintenance, modifications and operations.
The firm said that previously the dominance of Wood Group and Amec Foster Wheeler had made the UKCS difficult to penetrate but Wood Group’s recent takeover bid had created a ‘unique’ opportunity that would benefit all parties.
It is hoped the WorleyParsons deal will be completed before November.
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