Quantum and Interica partner to lower cost and increase efficiency of storing oil and gas project data

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Amec Foster Wheeler announce take over by Wood Group worth £2.2bn

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Amec Foster Wheeler has agreed on a takeover by Wood Group worth £2.2bn (US$2.68bn)

In a deal that will bring together two of the United Kingdom's largest energy service companies, Wood Group and Amec Foster Wheeler have agreed on a multi-billion dollar takeover deal. The deal will create a company with a value of around £5bn (US$6.08bn). 

Wood Group hope that they can cut around £110mn (US$134mn) in costs from the combined business. The sectors covered by the new combined business will include the oil and gas, chemical and mining sectors. 

On 14 March, the shares in Amec Foster Wheeler increased by 14.7 per cent to GDP 5.61 (US$6.82) per share. The share price of Wood Group also grew by 4.4 per cent to GDP 7.85 (US$9.54) per share.

According to the BBC, Mark Wilson, an analyst at Jefferies, said: "While materially above our Amec valuation, we can see Wood Group consolidating its market-leading UK North Sea business, expanding product lines in the US and possibly increasing the scope for asset sales."

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Actemium awarded offshore maintenance contract from Total E&P Angola

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Kohler Co acquires Clarke Energy

INDPR Release Detail 12AKohler Power, a part of the Kohler Co, has acquired Clarke Energy, a UK-based multinational specialist in the engineering, construction, installation and maintenance of engine-based power plants

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Versalis and Sonatrach sign MoU for chemical complex in Algeria

Hydro Polymers PVC Plant 60976Versalis (Eni) and Sonatrach signed a Memorandum of Understanding in Algiers to carry out joint feasibility studies for an integrated petrochemical complex to be built in Algeria

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