SYDNEY: Worley Limited announced 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.
TWPS is a leader in developing and applying digital technology to optimize and improve effectiveness of O&M services. TWPS supports compliance with the cyber security standards required for critical power infrastructure.
The acquisition will contribute to Worley’s global Power business, expanding 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.”