Wor­ley­par­sons ex­pands into North Sea mar­ket

The Australian Energy Review - - NEWS -

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.”

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