Stormy seas ahead for £2.2bn North Sea merger
Wood Group and Amec Foster Wheeler are planning to join forces
Concerns are being raised about a huge North Sea merger.
Wood Group and Amec Foster Wheeler are planning to join forces in a deal worth 2-point-2 billion pounds.
But the Competition and Markets Authority says it would reduce the number of big players in oil and gas engineering from four to just three.
Jon Lewis, Chief Executive Officer at Amec Foster Wheeler said "Since the announcement of the remedy offer in May, Amec Foster Wheeler has made good progress marketing its UK upstream oil and gas business to a range of potential buyers and is continuing the divestment process. We remain committed to closing the transaction in quarter four this year."
Wood Group has a week to come up with final proposals to get the agreement approved.