Worley (ASX:WOR) Share Price Rises On Contract Wins


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The Worley (ASX: WOR) share price is rising after recent contract win announcements.

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. They cover the full life cycle from creating new assets to sustaining and enhancing operating assets.

WorleyParson’s Contract Wins

Today’s EPCM Services Contract Win

Preunding Ranhill Worley (PRW) has been awarded a 5-year engineering, procurement and construction management (EPCM) contract by ExxonMobil Exploration and Production Malaysia Inc.

Ranhill Worley is a joint venture between Worley and Ranhill Group and is the entity that performs services for PRW, Worley is also a joint venture shareholder in PRW.

Ranhill Worley will deliver brownfield asset restoration and debottlenecking projects for offshore projects in Malaysia. The services will also include workpack preparation, material management, construction planning / reporting and offshore field engineering services.

The services will be delivered by the Ranhill Worley office in Kuala Lumpur with support from Worley’s global business.

Worley CEO Andrew Wood said: “I am pleased that PRW has been awarded this contract, which marks a decade of Ranhill Worley serving ExxonMobil Exploration and Production Malaysia Inc. Through this contract, Worley will also bring our project delivery system that developed in Workley’s UK North Sea business.”

Worley’s Nuclear Win

Worley also announced a week ago that the Nuclear Power Plants Authority (NPPA) of Egypt awarded a consultation services contract for the first Egyptian nuclear power plant.

The company will provide consultation services to NPPA to support the implementation of the nuclear power plant project at El Dabaa, which is on the Mediterranean coast west of Alexandria.

The power plant will comprise four pressurized water reactors with a nameplate capacity of 4800 MW. Worley will include technical support for engineering and design review, project management, procurement, construction management, training, procedure development, quality assurance, commissioning and related activities.

The Worley share price share is up around 0.8%.

Jaz Harrison

Jaz Harrison

Jaz is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.