WorleyParsons enters the UK North Sea market as a leading player and enhances its global Maintenance, Modifications and Operations business.
WorleyParsons (ASX:WOR) is pleased to announce the completion of the acquisition of AFW Oil and Gas UK Limited (AFW UK) announced on 9 October 2017. AFW UK is a leader in the Engineering & Construction, Operations and Maintenance and Hook-up services markets in the UK oil and gas market.
AFW UK has 45+ years' experience operating in the North Sea providing services across the full asset lifecycle. With over 3,000 employees in seven offices in the UK and the Middle East, the business is a leader in the Maintenance, Modifications and Operations (MMO) market on the UK continental shelf.
We are excited to enter the UK North Sea market as a leading player based in Aberdeen. AFW UK is a world class integrated solutions business with best in class MMO capabilities and an excellent track record of international expansion.
The business represents the majority of Amec Foster Wheeler's former UK upstream Oil and Gas operations, to be divested as a remedy to competition concerns raised in relation to the John Wood Group's acquisition of Amec Foster Wheeler.
The AFW UK team is an exciting addition to the WorleyParsons group. Some of the strategic benefits include:
Robust entry for WorleyParsons into the UK North Sea as a profitable market leader;
Acceleration of WorleyParsons' corporate strategy to build a world class global MMO capability in the Integrated Solutions business line;
Combines AFW UK's capabilities and strong track record of global expansion with WorleyParsons' global network which together will create a genuine global MMO business; and
The addition of AFW UK's execution capability, experience and mature systems and processes will support efficient global MMO execution.
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.
“I look forward to welcoming our new colleagues as together we develop our plans for an exciting new future.” Andrew Wood, CEO WorleyParsons.
Related ASX announcements:
ASX announcement 9 October 2017
ASX announcement 30 October 2017
Director Planning and Investor Relations
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