AECOM acquires 50% interest in FT Services joint venture
AECOM announced that it has acquired the remaining 50% equity interest in FT Services Limited, 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 $210M 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.