Australia's WorleyParsons has agreed to buy all of Amec Foster Wheeler UK North Sea operations for £228 million marking its entry into the UK North Sea.
WorleyParsons will fund the acquisition through a one-for-10 fully underwritten, pro-rata entitlement offer of new shares, and existing debt facilities.
The deal is expected to be completed by the end of October 2017.
WorleyParsons CEO Andrew Wood said: "AFW UK represents an attractive acquisition. We are excited to enter the UK North Sea market as a leading player based in Aberdeen."
Amec Foster Wheeler UK operations were put on the market under the instruction of the UK’s Competition & Markets Authority following acquisition of the wider Amec Foster Wheeler by Wood Group.
“AFW UK is a world class integrated solutions business with best in class MMO capabilities and an excellent track record of international expansion. 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,” WorleyParsons said in a press statement.