Wood Group announces recommended all-share offer for Amec Foster Wheeler
Commenting on the announcement, Robin Watson, Chief Executive of Wood Group (pictured), said: “We want to be recognised as the best technical services company to work with, work for and invest in, with a relentless focus on excellence. The combination with Amec Foster Wheeler is a compelling opportunity for us to accelerate the delivery of this vision; positioning us to become a global leader in project delivery, engineering, modifications, construction, operations, maintenance and consulting activities and decommissioning by strengthening the breadth and range of services and creating new customer relationships. I am genuinely excited by the opportunities this will create for our business, our capabilities, our innovations and our future.”
Upon completion, it is expected that the Combined Group will have approximately 64,000 employees in more than 50 countries. Opportunities for cost and revenue synergies have been identified and, as a result of the strong operational fit, the Combined Group will have a more robust and diversified platform that will make it better able to withstand the inherent market and contract volatility that faces the oil & gas industry. It will also position the Combined Group as a market leader in project, engineering and technical services delivery.
The Combined Group will be led by Robin Watson as CEO, with Ian Marchant continuing as Chairman and David Kemp remaining as CFO. Four members of the Amec Foster Wheeler Board will join the board of the Combined Group upon completion of the Combination, which has been unanimously recommended by the boards of Wood Group and Amec Foster Wheeler.
To read the full announcement from Wood Group, please click here.