Worley and CAM Industrial Solutions announce the sale and purchase of Worley's North American maintenance and turnaround business

HOUSTON, AB and CALGARY (AB), February 21, 2023 /PRNewswire/ Worley has reached an agreement with CAM Industrial Solutions LLC, (CAM Industrial) where Worley will sell its North American maintenance and turnaround business, which is part Worley's Americas Field Services for a cash consideration USD 125million (approximately AUD180m). The sale does not include Worley's North American construction and fabrication business. CAM Industrial, a new company, was founded by Cross Rapids Capital L.P., (Cross Rapids Capital), and strategic partner The Baupost Group. Mick Kaefer, CAM Industrial's President, will lead the existing management team. Donovan Boyd will become Chief Executive Officer at CAM Industrial. He is an Executive Partner with Cross Rapids Capital. Mr Kaefer stated, "We thank all our employees for their hard work and customers for their support." Our team will continue to operate our business safely and reliably under the new name CAM Industrial. Mr Boyd said, "CAM Industrial is pleased to welcome our newest employees. We are thrilled to partner together to grow the company to the leading provider of hard craft maintenance services and turnaround services in this industry." UBS Securities LLC acts as Worley's exclusive financial advisor, while Reed Smith LLP acts as Worley’s legal advisor. Contact:

Worley
Melissa O'Neill
Senior Group Director, Corporate Affairs
Ph: +61 467 555 175

Mark Feirman
Ph: +1-212-301-7711

Worley: Worley, a global company based in Australia, is dedicated to creating a sustainable world. Worley is a global leader in providing professional asset and project services in the energy and chemicals sectors. We are a knowledge-based service provider and use our expertise to help our customers reduce their carbon emissions and transition to a low-carbon future. About CAM Industrial Solutions LLC Cross Rapids Capital L.P. - Cross Rapids Capital L.P., an operationally driven investment company, focuses on North American middle market industrial and service companies. To help owners and managers accelerate their businesses, we work with them to bring decades of sector, investment, and operational expertise, as well as a collaborative, hands-on approach to enabling their success. About The Baupost Group. The Baupost Group, a Boston-based investment management firm, is known for its long-term and value-oriented approach. The firm has been stewarding and compounding capital for families, foundations, and endowments since 1982. It also serves employees, who together are the largest client. Baupost manages approximately $25 billion. It has a flexible charter that invests in a broad range of asset classes. This includes significant holdings in equity securities and debt securities, private debt, real property, and private capital. SOURCE CAM Industrial Solutions LLC