Existing Amec Foster Wheeler’s projects in the Middle East and North Africa region will not be disrupted by Wood Group’s takeover. which was completed on 9 October.
“All existing projects in the Middle East will continue as planned,” Wood Group spokesperson Charles Pemberton told MEED in an interview.
“Going forward the focus will be on winning new business. The combined company will be in a good position to win new business in the region thanks to its increased size and its increased capacity to take on work.”
“So far the company has not been able to say anything qualitative about future operations as it has had to wait for the takeover to be completed.”
“Wood Group executives are evaluating the combined company and making decisions about future strategies and what kind of new work will be taken on.”
The acquisition of Amec Foster Wheeler by Wood Group has significantly increased the company’s presence in the Middle East and North Africa.
In a statement released by the company on 9 October it said the takeover had created “a business of significant scale and enhanced capability delivering services across a broader range of geographies and sectors”.
It added: “We expect to deliver significant cost synergies and incremental revenue synergies in a less cyclical business which retains a predominantly reimbursable, asset light model with a balanced risk appetite.”
Amec Foster Wheeler is a London-based consultancy, engineering and project management company that is headquartered in London. It was formed in 2014 when AMEC completed its purchase of Foster Wheeler and simultaneously changed its name to Amec Foster Wheeler.
Wood Group is headquartered in Aberdeen in Scotland. Its revenue was $4.9bn in 2016 and its total earnings before Earnings before interest, taxes, and amortization was $363m.
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