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. ”