CALGARY, Alberta--(BUSINESS WIRE)--AECOM (NYSE:ACM), a premier, fully integrated global infrastructure firm, announced today that it has acquired the remaining 50 percent 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 specializes 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 twelve months.
The acquisition strengthens AECOM’s oil and gas business by further diversifying its end market exposure through FTS’ 2,000 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 capitalize on growing maintenance opportunities within the Canadian petrochemical and oil and gas industries.
“Our acquisition of the remaining 50 percent 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.”
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About FT Services
FT Services delivers large scale maintenance and turnaround services for Canada’s energy and resource facilities. We manage all sizes of work packages in support of maintenance activities at a number of customer sites including oil sands mining and refinery settings - from long term maintenance program management to small optimization projects and outages. FT Services provides a full spectrum of integrated services through three service lines: maintenance, turnarounds and sustaining projects; as well as offering a number of complementary skilled trades specialty services. FT Services continues to grow its business, delivering recognized value to its customers across multiple sites.
Forward-Looking Statements: All statements in this press release other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including statements relating to the future consolidation of FTS’ financials, future growth and maintenance opportunities in the oil and gas market as well as other future economic and industry conditions. Actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2016, and our other reports filed with the U.S. Securities and Exchange Commission. AECOM does not intend, and undertakes no obligation, to update any forward-looking statements.