EthosEnergy was formed on May 6, 2014 and is an independent service provider for rotating equipment in the power generation, oil & gas and industrial markets.
John Wood Group PLC and Siemens AG entered into an agreement on October 8, 2013 to form the joint venture; consisting of the Maintenance and Power Solutions businesses of Wood Group GTS and Siemens’ TurboCare business unit.
Wood Group GTS
The GTS division of Wood Group was established over 30 years ago and grew to be a leading independent provider of rotating equipment services and solutions for clients in the power and oil & gas markets.
Worldwide, these services included: power plant engineering, procurement and construction; facility operations & maintenance; repair & overhaul, optimization and upgrade of gas, steam turbines, pumps, compressors and other high-speed rotating equipment.
‘Turbo Services Network’ was established in 1998 as an independent service provider with TurboCare Inc being acquired in 2001. The business grew from here through various acquisitions before all businesses were re-branded under ‘TurboCare’ and established as a business unit within Siemens in 2006. The company had a strong history in providing comprehensive service solutions for rotating equipment (gas and steam turbines, generators, and compressors) manufactured by all major OEMs.
Why a joint venture?
EthosEnergy has been designed to be a differentiated, integrated rotating equipment service provider to the power generation, oil & gas and industrial sectors. It benefits from having the capability to provide services across the entire life cycle of rotating assets.
It has depth and experience in asset operations, maintenance, risk management & life cycle optimization, and power plant construction services, and has a strong presence in oil & gas and process industries. This is coupled with experience in the power generation segment, offering aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services. EthosEnergy has greater capability, market reach and an expanded global footprint.
After receiving regulatory approval for the deal, EthosEnergy was formed on May 6, 2014.