Aberdeen-based oil and gas services company Wood Group said it completed the roughly £2.2 billion acquisition of rival firm Amec Foster Wheeler to create one of the biggest oil services companies in Europe.

Wood Group CEO Robin Watson said: “This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets.

“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.

“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.”