Worley sells North American maintenance contracts
Worley announced Wednesday it plans to sell its power operations and maintenance business, part of Worley’s Americas Field Services, to CAM Industrial for $125 million.
Worley’s construction and fabrication business in North America (work pictured below) is not included in the sale.
In the project shown above, Worley fabricated more than 135 modules and skids in Alberta and delivered them to Salt Lake City. It will retain this sector of its business, despite selling maintenance branches to CAM Industrial.—Worley photo
Subject to regulatory approval and other stipulations, the transaction is expected to close in the second half of the fiscal year.
The North America turnaround and maintenance business is Worley’s operating and shutdown maintenance craft work (non-professional services) in the USA and Canada. This business predominantly supports oil refineries and petrochemical plants with most of its revenue derived from traditional work.
"We look forward to continuing to work cooperatively with CAM Industrial and to support our people and customers, during the transition to new ownership,: Worley's press release stated. "[This] supports Worley’s strategy across the energy, chemicals and resources sectors."