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  • Tuesday, April 23, 2024

AECOM Eyes Oil and Gas Business Growth Through FT Services Stake Buyout


acquisitionAECOM (NYSE: ACM) has purchased the remaining 50 percent equity interest in its Calgary, Alberta-based FT Services joint venture in a push to grow the oil and gas business, expand lifecycle service offerings and diversify end-market exposure.

FT Services was formed through a partnership of AECOM’s Flint Energy Services subsidiary and Broadspectrum that provides turnaround and maintenance services to the Canadian energy and resource industry, AECOM said Tuesday.

Dan McQuade, president of AECOM’s construction services group, said the acquisition would help the company provide a suite of lifecycle and maintenance services to clients in Canada’s oil and gas market.

FTS recorded approximately $210 million in revenue in the past year and its financials will be integrated with AECOM’s construction services segment.

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