- Worley (WOR) has assumed total control of its subsidiary, TW Power Services
- Worley already owned 50 per cent of the business, before purchasing the remaining 50 per cent off Ferrovial for $20 million
- The company hopes to use the acquisition to build one of the world’s largest and most comprehensive wind-farm services business, with both on and offshore builds
- Worley also wants to use TW’s digital technology that allows for off-site remote operation of energy generation plants, in countries outside of Australia
- Worley shares are 0.11 lower today, trading for $8.78 each
Worley Limited (WOR) has revealed it has increased its stake in TW Power Services to 100 per cent ownership.
The company purchased Ferrovial’s 50 per cent shareholding in TW Power Services for $20 million.
TW is an operations and maintenance business that provides support services to power infrastructure across Australia and South East Asia.
Worley has stated it will use TW’s onshore wind capability’s, alongside their other subsidiary 3sun’s offshore wind capacity to create one of the most comprehensive wind-generation product offerings in the world.
Approximately one-third of all power generation capacity in Australia is supported by TW, with the company well-versed in a range of power technologies, including solar, wind, hydro and thermal power.
Worley hopes it can leverage TW’s large market position, to become the premier provider of transition support for companies and governments looking to pivot towards renewable energy.
Along with this, TW is also a world leader in developing digital technology to optimize power generation from existing assets.
A number of TW’s customer facilities are operated remotely, allowing for significant cost reductions on site.
Worley hopes to expand this model worldwide and allow the TW model of off-site monitoring technology to be used to run windfarms globally, not just in Australia.
Worley Chief Executive Chris Ashton said he was “excited” by the opportunities that will come from solely owning TW Power.
“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,” Chris said.
Worley shares are 0.11 lower today, trading for $8.78 each at 3:44 pm AEST.