Engineering services firm Worley has bought out the remaining 50 percent of its joint venture with Ferrovial, TW Power Services (TWPS), in part to capitalise on the energy operator’s digital capabilities.
The $20 million deal means Worley (formerly WorleyParsons) will be able to consolidate TWPS’ experience in developing and applying digital technologies and automation solutions for the power sector.
TWPS is an operations and maintenance business supporting one third of Australia’s power generation capability, with clients operating a mix of power generation plants including solar, wind, hydro and thermal.
Its customers include AGL, BHP, Hydro Tasmania, as well as a number of other energy providers across Australia, New Zealand and South East Asia.
Already, a number of Worley’s customers have facilities centrally operated and remotely monitored from a control room at TWPS offices, the company said in a notice to the market.
TWPS’ all-hours operations include remote monitoring, data analytics asset performance optimisation, reliability engineering and energy management to meet consumer demand.
It also supports compliance with cyber security standards required for critical power infrastructure.
Worley chief executive Chris Ashton said the acquisition will benefit customers as the power sector transitions to newer technologies.
“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.”
The acquisition is expected to be accretive to Worley’s earnings from the first year.