News and Media
Tasmea Limited (ASX: TEA) (Tasmea or the Company) is pleased to announce that it has executed a Share Purchase Agreement to acquire 100% of JPS Holdings Pty Ltd and its related entities (JPS Group or JPS).
JPS Group is a leading integrated services provider to the Australian energy sector, with established credentials across operations and maintenance, shutdown and campaign execution, specialist project execution and tech-enabled isolation services. Founded in 2018, JPS has delivered over 40 projects across onshore, offshore and Floating LNG assets with more than 500,000 safe working hours, employs a specialist workforce of approximately 150 full-time staff supported by a 600+ vetted specialist labour pool, and is accredited to work on more than 15 Major Hazard Facilities. JPS serves a Tier-1 energy client base including Chevron, ConocoPhillips, INPEX, Mitsui, Santos, Shell and Woodside.
Strategic Rationale
The acquisition represents a defining step in Tasmea’s programmatic acquisition strategy and establishes Tasmea as an embedded energy-services platform with direct exposure to Australia’s structurally growing LNG, gas and critical energy infrastructure markets. Key strategic benefits include:
- Tier-1 LNG client exposure: JPS holds embedded relationships with a Tier-1 energy client base, with initial specialist scopes routinely transitioning into ongoing asset maintenance and support, including a number of sole-source contracting arrangements.
- High recurring revenue underpinned by long-term MSAs: JPS generates recurring revenue under more than 10 long-term Master Services Agreements, supported by the regularity of statutory shutdowns and maintenance in a highly regulated sector.
- Unique tech-enabled isolation: Through Safe Isolation Australia, JPS is the sole Australian distributor and execution partner for ValveTight’s patented Double Block & Bleed (DBB) Saver isolation technology under a 5+5 year agreement, enabling maintenance while plant remains online and providing a differentiated offering with identified international expansion opportunities in the USA and Africa.
- Earnings and end-market diversification: JPS diversifies Tasmea’s earnings into the LNG, gas and critical energy infrastructure markets, with cross-sell opportunities for Tasmea’s broader specialist services across its Electrical, Mechanical, Civil, and Water & Fluid divisions, and global growth potential with JPS being invited by its clients to provide critical services on its clients’ assets in the USA and Africa.
- Owner-led leadership retained: Tasmea will retain JPS’s owner-led business model and strong brand, with all five founder–General Managers (each averaging 20+ years of oil and gas experience) staying with the business and motivated to lead and scale the business.
Next Steps
The Share Purchase Agreement was executed on 23 June 2026 and Settlement is targeted on or around 1 August 2026, subject to the satisfaction of customary conditions precedent, including obtaining ACCC approval to proceed under Australia’s new mandatory merger control regime.
We are delighted to be welcoming the JPS Group team to Tasmea and look forward to supporting their continued growth through our corporate services platform and broader specialist trades capability.
For further information, please contact:
Stephen Young Managing Director
Tasmea Limited
+61 (08) 8212 2929
syoung@tasmea.com.au