Australia: Acquisition Completed Worley Parsons Enters UK North Sea Oil and Gas Market
Worley Parsons has completed of the acquisition of Amec Foster Wheeler Oil and Gas UK Limited announced on 9 October 2017.
Sydney/Australia — AFW UK is operating in the Engineering & Construction, Operations and Maintenance and Hook-up services markets in the UK oil and gas market. The company has 45+ years' experience operating in the North Sea providing services across the full asset lifecycle.
With the acquisition, the Australian company intends to enter the UK North Sea market as a leading player by making use of AFW's integrated solutions business including its MMO capabilities and international track record. The business represents the majority of Amec Foster Wheeler's former UK upstream Oil and Gas operations, to be divested as a remedy to competition concerns raised in relation to the John Wood Group's acquisition of Amec Foster Wheeler.
Amec Foster Wheeler said in a separate statement that it has entered into a binding agreement to sell the majority of its UK North Sea operations to Worley Parsons Europe Limited, for a cash consideration of approx. £ 228 million (approx. $ 298 million).
The disposal is conditional upon the closing of the recommended all-share offer by John Wood Group for Amec Foster Wheeler and follows the announcement by Wood Group on 12 September 2017 that the UK Competition and Markets Authority had accepted the remedy formally offered by Wood Group and Amec Foster Wheeler in connection with the combination.