Wood Group completes Amec acquisition

Oil and gas specialist Wood Group has completed the acquisition of mining consultant Amec Foster Wheeler. Wood Group’s new ordinary shares were admitted to the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange with effect from 8.00am on October 9
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Staff reporter

PRESS RELEASE: 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 become a business of significant scale and enhanced capability delivering services across a broader range of geographies and sectors, differentiated by the quality of our people, enabling technology and know-how.  Wood is better placed to serve customers than ever before, with a more comprehensive range of capabilities and the potential to deliver efficient integrated solutions with fewer customer interfaces.

“We expect to deliver significant cost synergies and incremental revenue synergies in a less cyclical business which retains a predominantly reimbursable, asset light model with a balanced risk appetite.”

He continued: “Our integration planning is well progressed and we have ensured that appropriate risk management and control processes are in place from day 1. We have a clear organisational structure, my executive leadership team and their direct reports have been announced and we are now focussing on implementing a best of both approach for the wider organisation. ”