Gulf Oil and Gas accountACCOUNT

Worleyparsons to Buy AFW's Oil & Gas Assets for $298 Million

Source: Reuters 10/9/2017, Location: Europe

Share |
Australian engineering firm WorleyParsons Ltd would buy the former upstream oil and gas assets of Britain’s Amec Foster Wheeler Plc for 228 million pounds ($298.22 million), marking its entry into the UK North Sea market.

WorleyParsons expects to tap Amec’s maintenance, modifications and operations capabilities through the deal, which is to be funded by a 1 for 10 entitlement offer of approximately A$322 million ($250.36 million) and existing WorleyParsons debt facilities at A$13 per new share.

The enterprise value will be A$303 million before adjustments for surplus working capital and cash in the AFW UK business, the statement said.

The deal is expected to reduce net debt and be accretive to WorleyParsons’ earnings per share in the first year of ownership, and is expected to be completed by the end of October. The sale is an attempt by Amec to get regulatory approval for its merger with John Wood Group.

Britain’s Competition and Markets Authority (CMA) said in August the merger could lead to competition concerns in the supply of engineering and construction services and operation and maintenance services on the UK continental shelf.

The CMA said later that month that divesting almost all of Amec’s upstream offshore oil and gas servicing assets may be adequate for regulatory approval for the merger.

Acquisitions and Divestitures News in United Kingdom >>

Papua-New Guinea >>  7/17/2018 - Oil Search has expanded its exploration portfolio in the onshore Gulf Basin, PNG. In July 2018, Oil Search executed a farm-in to PPLs 474, 475 and 476...
Australia >>  7/16/2018 - As part of portfolio rationalization, PTTEP announces the divestment of a 100% stake in the Montara field to align with the company’s business strateg...

Ireland >>  7/13/2018 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides a Licence Update on Frontier Exploration Licence (“FEL”) 2/14. ...
Indonesia >>  7/11/2018 - Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising a...

United States >>  7/10/2018 - QEP Resources, Inc. announced that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement to sell natural gas and oi...
Indonesia >>  7/9/2018 - LyondellBasell (LYB) announced that Indonesian company PT Chandra Asri Perkasa Tbk (CAP), has selected LyondellBasell’s world leading polypropylene (P...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 |

More News


Oil & Gas Companies in United Kingdom >>

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.