Wood Group has completed its £2.2 billion takeover of industry consultancy, Amec Foster Wheeler.

The merger was approved after Amec agreed to sell the majority of its North Sea operations, which had been flagged as a potential competition concern by the Competition Markets Authority (CMA).

Chief Executive of Aberdeen-based Wood Group, Robin Watson, said the "transformational" deal has created a "global leader in the delivery of project, engineering and technical services to energy and industrial markets".

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"We become a business of significant scale and enhanced capability delivering services across a broader range of geographies and sectors, differentiated by the quality of our people, enabling technology and know-how," he said.

"Wood is better placed to serve customers than ever before, with a more comprehensive range of capabilities and the potential to deliver efficient integrated solutions with fewer customer interfaces.

We expect to deliver significant cost synergies and incremental revenue synergies in a less cyclical business which retains a predominantly reimbursable, asset light model with a balanced risk appetite.

"Our integration planning is well progressed and we have ensured that appropriate risk management and control processes are in place from Day 1. We have a clear organisational structure, my Executive Leadership team and their direct reports have been announced and we are now focussing on implementing a best of both approach for the wider organisation."

(LM)