UK energy sector contractor Wood Group says it will seek to acquire rival Amec Foster Wheeler, also UK based, for about $2.7 billion, creating a new global construction giant as the oil and gas sector struggles to recover. Amec linked with US-based Foster Wheeler in 2014 just before the oil price crash.

John Connolly, Amec Foster Wheeler chairman, said the takeover offer “adds to the standalone prospects of the company,” according to The Financial Times. Ian Marchant, Wood Group chairman, called the deal "transformational" for the firm.