Oilfield services firm Amec Foster Wheeler Plc said it agreed to dispose of three assets held for sale for 100 million British pounds (US$122.17 million) as it aims to reduce debt.

The company said it planned to cut annual costs by 100 million pounds with a reduction in overhead expenses.

Amec said it had identified additional assets and businesses which are now being evaluated as potential candidates for sale.

The decision to sell comes as weak oil prices put pressure on balance sheets, with companies shedding assets and cutting dividends for survival. (US$1 = 0.8185 British pounds)