Finland’s Wartsila Corp is to buy UK engineering company Hamworthy in a deal worth GBP383m ($599m).

At a press conference this morning in Helsinski, the two companies stated the acquisition would be completed early next year.

Hamworthy provides equipment and services to the oil and gas sector. It has 1150 staff based at facilities in the UK, Norway, Denmark, Germany, Singapore and China, and in the last financial year recorded revenues of GBP 181.6m.

Wartsila chief executive Bjorn Rosengren said the acquisition of Hamworthy would give Wartsila “a broader portfolio of economically efficient, reliable and environmentally sustainable products and systems”.

Hamworthy non-executive chairman Gordon Page added: “The combination with Wartsila represents a strategic transaction, and Wartsila has committed to providing continued stability and opportunity for our employees.”