MOSCOW (MRC) -- An agreement has been reached with CAM Industrial Solutions LLC (CAM Industrial), whereby Worley will sell its maintenance and turnaround business in North America, which is part of Worley's Americas Field Services, for a cash consideration of USD 125 million (approximately AUD180 million), said the company.
Worley's construction and fabrication business in North America is not included in the sale. The sale also includes Worley's power operations and maintenance business. The transaction is subject to regulatory approval and customary closure conditions and is expected to close in the second half of FY2023.
The North America maintenance and turnaround business is Worley's operating and shutdown maintenance craft work (non-professional services) in the USA and Canada, which supports refineries, petrochemical plants, and other industrial facilities.
Worley Chief Executive Officer Chris Ashton said Worley was delighted to be entering into this agreement with CAM Industrial and was looking forward to seeing the company continue to successfully service its many loyal customers across its markets.
CAM Industrial is a new company, formed by an investor group, led by Cross Rapids Capital L.P. (Cross Rapids Capital) and including strategic partner The Baupost Group. Cross Rapids is an operationally driven investment firm, focused on acquiring industrial and services companies in North America.
We remind, Corpus Christi Polymers LLC has awarded Worley construction management and general services contracts. The scope of the construction management contract includes Corpus Christi’s new polyethylene terephthalate (PET) and purified tereph-thalic acid (PTA) facilities in Corpus Christi, Texas, US. The scope of the general services contract includes providing support to the installation and maintenance of the construction of temporary facilities.