AECOM has acquired the remaining 50% equity interest in FT Services Limited (FTS), a joint venture company based in Calgary, Alberta.
Formed in January 2007 between Flint Energy Services Limited, an AECOM subsidiary, and Broadspectrum Limited, FTS specialises in large scale maintenance and turnaround services for the Canadian resource and energy industry, including oil sands, refining, chemical, midstream and other heavy industry facilities. FTS has partnered with some of the largest energy producers in the world to ensure the availability and reliability of their assets. FTS’ financials will be consolidated into AECOM’s construction services segment. FTS generated approximately US$210 million in revenue in the trailing 12 months.
The acquisition strengthens AECOM’s oil and gas business by further diversifying its end market exposure through FTS’ 2000 employees and skilled trades professionals, strong market position and solid opportunity pipeline. With FTS, AECOM is able to offer clients integrated, full lifecycle services through expanded scale and resources, particularly on turnaround projects and those with construction components. These competitive differentiators allow AECOM to capitalise on growing maintenance opportunities within the Canadian petrochemical and oil and gas industries.
“Our acquisition of the remaining 50% in FT Services further strengthens our highly differentiated and complete offering within the Canadian oil and gas market, and enables a true full suite of services to leading energy clients, particularly in regards to growing maintenance needs,” said Dan McQuade, Group President, Construction Services. “With the combination of our strong client relationships, we have established a diverse foundation for growth within this market.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/12102016/aecom-acquires-remaining-interest-in-ft-services-joint-venture/