Worley announces that it has acquired Ferrovial's 50% shareholding of TW Power Services Pty Ltd (TWPS) for a cash consideration of $20 million, increasing its stake to 100%.
TWPS is an operations and maintenance (O&M) business providing services to support critical power infrastructure across Australia, New Zealand and South East Asia. TWPS is experienced across a range of power technologies including solar, wind, hydro and thermal power. Approximately one third of Australian power generation capacity is supported by TWPS. TWPS also operates, monitors and maintains gas pipeline assets.
Combined with TWPS, Worley helps our customers as they transition to a low-carbon future. In line with Worley's transformation strategy, this acquisition demonstrates our commitment to supporting our customers through their energy transition.
TWPS is a leader in developing and applying digital technology to optimize and improve effectiveness of O&M services. A number of our customers' facilities are centrally operated and monitored remotely from a secure control room based in a TWPS office. TWPS supports compliance with the cyber security standards required for critical power infrastructure.
The acquisition will contribute to Worley's global Power business, expanding our established O&M expertise. As well as being accretive to Worley's earnings from the first year, benefits to Worley include:
Coupling TWPS' onshore wind capability with 3sun's offshore wind capability to produce an industry leading service offering in the global independent power market;
Leveraging TWPS' leadership in the development and application of digital technology to O&M services across Worley's global O&M business;
Combining O&M experience with technical and delivery expertise enabling Worley to support customers across the full asset life cycle and Global deployment of TWPS' experience, systems and expertise across a variety of power technologies.
Worley Chief Executive Officer, Chris Ashton, said 'We're excited by the opportunities that will result from bringing TWPS into Worley. As well as enhancing our global operations and maintenance capability, this acquisition accelerates our role supporting our customers through their energy transition, helping them prepare for a low-carbon future and the digitalization of industry.'
Tel: +61 2 8923 6866
Fax: +61 2 8923 6877
(C) 2020 Electronic News Publishing, source ENP Newswire