Gulf Oil and Gas accountACCOUNT

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

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

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

WorleyParsons expects to tap Amecís 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 WorleyParsonsí 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.

Britainís 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 Amecís upstream offshore oil and gas servicing assets may be adequate for regulatory approval for the merger.

Acquisitions and Divestitures News in United Kingdom >>

Australia >>  11/26/2020 - Melbana Energy Limited has been awarded two additional petroleum exploration permits offshore northern Australia on a 100% basis. Application was made...
Brazil >>  11/24/2020 - Petrobras, in relation to the news published in the media, regarding the divestment of the Papa-Terra field, Campos Basin, clarifies that the stage of...

United States >>  11/24/2020 - W&T Offshore, Inc. was the apparent high bidder on two blocks in the Gulf of Mexico Lease Sale 256 held by the Bureau of Ocean Energy Management ("BOE...
United States >>  11/24/2020 - - Today, INEOS Olefins and Polymers USA announced it has agreed principle terms to acquire Sasolís 50% membership interest in Gemini HDPE LLC and, the...

Brazil >>  11/23/2020 - GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colomb...
United States >>  11/20/2020 - Talos Energy Inc. ("Talos") (TALO) announced that it is the apparent high bidder on two deepwater blocks in the recent Outer Continental Shelf ("OCS")...

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 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.