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 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 >>

United States >>  12/6/2019 - Equinor and Repsol have completed their previously announced transaction, whereby Equinor has sold its 63% interest in, and operatorship of, its onsho...
Australia >>  12/5/2019 - Buru Energy Limited has reached agreement with Roc Oil (Canning) Pty Limited (Roc) for Roc to withdraw from its current 50% interest in Canning Basin ...

Colombia >>  12/5/2019 - Houston American Energy Corp. announced the acquisition of an additional interest in Hupecol Meta, LLC, doubling its interest in Hupecol Meta previous...
Nigeria >>  12/5/2019 - Further to the announcement dated 21 October 2019, PetroNor E&P Limited has now finalised and entered into the separate investment and shareholders ag...

Algeria >>  12/4/2019 - Algeria’s state-owned Sonatrach will block Occidental Petroleum’s (OXY.N) deal to sell Anadarko assets in Algeria to Total, Algeria’s energy minister ...
Australia >>  12/4/2019 - The Directors of Armour Energy Limited refer to the Company’s previous announcement of 14 October 2019 and are pleased to advise that the Company has ...

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 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.