The CMA has accepted in principle the remedy formally offered by Wood Group on 9 August.

The remedy consists of the majority of Amec Foster Wheeler’s UK upstream oil and gas business located in the UK and serving UK customers (excluding its commissioning business, qedi) as outlined in the Wood Group Prospectus and the Amec Foster Wheeler scheme document, each dated 23 May 2017. The CMA will now undertake a public consultation before issuing its final decision which is due by 12 October 2017.

The M&A process for the remedy is already at an advanced stage. Amec Foster Wheeler commenced a formal marketing process in May, which has attracted interest and is progressing well. The CMA in its provisional decision does not require the Parties to complete the sale of the remedy business in advance of completing the Combination. As a result, Wood Group and Amec Foster Wheeler continue to expect the Combination to complete in the fourth quarter of 2017.

Commenting on the CMA’s announcement Robin Watson, Chief Executive of Wood Group said “Today’s announcement is an important milestone and gives us further confidence in our ability to complete the transaction in quarter four this year.”

Commenting on today’s announcement, Jon Lewis, Chief Executive Officer at Amec Foster Wheeler said "We welcome the announcement by the CMA. Our offer of a proposed remedy in May and the early commencement of the sale process to potential buyers of the upstream oil and gas business has ensured we have navigated this process ahead of schedule increasing the likelihood that the transaction with Wood Group will close in quarter four this year."

About Wood Group

Wood Group is an international energy services company with around US$5bn sales and operating in more than 40 countries. The Group designs, modifies, constructs and operates industrial facilities mainly for the oil & gas sector, right across the asset life cycle. We enhance this with a wide range of specialist technical solutions including our world leading subsea, automation and integrity solutions. Our real differentiator is our range of services, the quality of our delivery, the passion of our people, our culture and values. We are extending the scale and scope of our core services into adjacent industries.

About Amec Foster Wheeler

Amec Foster Wheeler designs, delivers and maintains strategic and complex assets for its customers across the global energy and related sectors.

Employing around 35,000 people in more than 55 countries and with 2016 revenues of £5.4 billion, the company operates across the oil and gas industry – from production through to refining, processing and distribution of derivative products – and in the mining, power and process, pharma, environment and infrastructure markets.

Amec Foster Wheeler offers full life-cycle services to offshore and onshore oil and gas projects (conventional and unconventional, upstream, midstream and downstream) for greenfield, brownfield and asset support projects, plus leading refining technology.

Amec Foster Wheeler shares are publicly traded on the London Stock Exchange and its American Depositary Shares are traded on the New York Stock Exchange. Both trade under the ticker AMFW.