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Wood Group and Amec merger completes

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Oil rigImage source, Amec Foster Wheeler

Energy services giant Wood Group's £2.2bn takeover of Amec Foster Wheeler is now officially complete.

The merger was wrapped up after Amec agreed to sell the majority of its North Sea operations .

The deal will see Amec bank £228m for selling upstream oil and gas operations to Australian firm WorleyParsons.

Wood Group boss Robin Watson described the merger as "transformational".

The Aberdeen-based company said it did not anticipate any job losses in the north east of Scotland as a result of the deal.

In 2016, Amec's North Sea business contributed revenues of £740m and a trading profit of £43m.

Mr Watson said: "This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets.

"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."

When first announcing the takeover in March, Wood Group said it would result in "significant cost and revenue synergies" of at least £110m a year.

Wood Group employs 29,000 people while Amec has 35,000 workers.

The deal .

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