Worleyparsons expands into North Sea market
AUSTRALIAN engineering firm Worleyparsons has bought AMEC Foster Wheeler’s UK oil and gas asset AFW UK Oil & Gas for $303 million.
Worleyparsons funded the acquisition in a $322m capital raising through a 1-for-10 entitlement offer, with about 24.8 million shares issued at $13; an 8.8 per cent discount to its 6 October closing price of $14.24.
“We are excited to enter the UK North Sea market as a leading player based in Aberdeen,” Worleyparsons chief executive Andrew Wood said.
“We look forward to combining AFW UK’S capabilities with our international platform to create a global MMO business capable of driving medium term growth.”