Transfield Services (TSE) has sold its stake in its Transfield Worley New Zealand joint venture to partner WorleyParsons (WOR) for $30 million.
In a statement to the Australian Securities Exchange, Transfield said revenue from its 50% share in the partnership represents less than two per cent of its total group revenue.
Transfield Services Resources and Energy chief executive officer Joe Sofra said the group has decided to focus its resources and energy on Australian and United States markets instead, as the partnership was its only exposure to the New Zealand hydrocarbons sector.
"The price paid represents good value for our shareholders and the cash from the sale will be applied to reducing our balance sheet gearing," Mr Sofra said.
Transfield Services said it remains committed to its presence in the New Zealand infrastructure sector.
The group said it also remains committed to jointly operating a series of contracts and businesses with WorleyParsons in the hydrocarbons, mining and power sectors.