The US investment bank also cut its target price for the FTSE 250-listed oil services group by 22.2%, to 700p from 900p, albeit with the stock trading at 532p
“The acquisition of Amec Foster Wheeler in October brought together two businesses and three brands to create Wood, a global leader in project, engineering and technical services delivery"
The deal will see the FTSE 250-listed firm provide supplemental maintenance services and support for small capital construction projects and turnarounds to the Sweeny Refinery, near Houston, Texas
The FTSE 250-listed firm – which saw its shareholders last week approve the group’s £2.22bn takeover of Amec Foster Wheeler PLC – said the first half had seen “continued challenges in our core oil & gas market with modest recovery only in certain areas.”