The Worleyparsons Limited (ASX: WOR) share price rose yesterday in response to another contract win.
WorleyParsons is a global professional services company which provides expertise in engineering, procurement and construction in the hydrocarbons, power, infrastructure, mining and minerals, and chemical sectors.
Worley’s Win
Thai Oil Public Company has given a services contract to Worley for its oil refinery in Thailand. Worley will provide engineering, procurement and construction management services.
Thaiol is one of the largest refiners in Thailand and is one of the largest producers of petroleum in the Asian country.
Chief Executive Officer of Worley Andrew Wood said: “We are pleased to continue our longstanding relationship with Thaioil and support them in meeting Thailand’s energy needs.”
After Worley’s recent acquisition of Jacobs ECR it plans to generate synergies worth $130 million to $160 million over the next two years with further optimisation on top of that. There are a lot of benefits to scale in the energy and resources sector.
However, it is far too cyclical for my liking. I would rather invest in the reliable shares in the free report below for my portfolio.
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