Oz Worley Takes Control of TW Power Services
Australian services company Worley has acquired Ferrovial’s 50% shareholding of TW Power Services (TWPS) for A$20mn (US$14mn), increasing its stake to 100%, it said on July 9 in a statement.
TWPS is an operations and maintenance (O&M) business providing services to support infrastructure across Australia, New Zealand and southeast Asia. TWPS has experience in technologies including solar, wind, hydro and thermal power. It also operates, monitors and maintains gas pipeline assets.
“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 digitalisation of industry,” Worley CEO, Chris Ashton, said.
Worley said a number of its 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, it added.
The company said the acquisition will contribute to its global power business in addition to being accretive to its earnings from the first year.