WorleyParson Bags Yet Another Contract, Rio Tinto Tenders EPCM Contract

WorleyParson Bags Yet Another Contract, Rio Tinto Tenders EPCM Contract

Known for its PMC expertise in Africa’s largest wind power project, WorleyParsons (ASX: WOR) is an Australian professional service firm that tenders expertise in creating new assets and enhancing operating assets in different sectors including hydrocarbons, chemicals, metals, mineral, infrastructure, and power. Besides offering a wide range of consulting and advisory services, it provides competence in engineering, construction, and procurement. It covers a full lifecycle from delivering innovative solutions across the globe to focussing on responding to and meeting the needs of its customers over the long term.

WorleyParsons has been assigned a contract to carry out engineering, procurement and construction management (EPCM) services for Rio Tinto’s Koodaideri iron ore mine located in Pilbara region of Western Australia.

The EPCM contract has been awarded post completion of the comprehensive engineering study for the Rio Tinto’s project. Additional support teams on the rail and mine location will help in the execution of the project that will be done over a period of three years from the Perth project office. WorleyParsons will produce a digital asset for Rio Tinto using data-centric engineering processes.

Andrew Wood, CEO and Executive Director of WorleyParsons expresses gratitude on receiving the contract. He said that the company is pleased to expand its relationship with Rio Tinto (ASX: RIO) on this important project.

This year, WorleyParsons has been awarded multiple contracts from different entities. Encana Corporation awarded EPC contract to WorleyParsons for its Pipestone Processing Facility in Albert Canada in January this year. WorleyParsons was also involved in several other projects of Encana in the past including construction and fabrication of the North Central Liquids Hub, the Tower Gas Plant, and the Saturn Gas Plant.

Newmont Mining Services Pty Limited also awarded its EPCM contract to WorleyParsons this year in Australia for its underground mine operations located in Tanami Desert, North Australia.

Last month, WorleyParsons was also assigned the project management contract by Borouge for its petrochemicals complex in Ruwais in which the Australian-based firm was given the task to provide PMC services to the fourth phase of the petrochemicals complex.

WorleyParsons announced its half-year results in late February this year in which it delivered a statutory net profit after tax (NPAT) of $82.4 million for the six months ended 31 December 2018 it was a significant improvement in comparison to the result for the prior corresponding period in which the statutory NPAT stood at $1.4 million. Besides, the underlying NPAT was up by 25.8% to $98.4 million. The company reported an aggregate revenue of $2,566.2 million, up by 11.1% in response to improved market conditions.

WorleyParsons closed the day’s trade at $14.730 on ASX (as on 15th April 2019), up by 0.204% in comparison to the previous day. The company reported a market capitalisation of $6.77 billion with 460.8 million outstanding number of shares. Its 52-week low value stood at $10.20 and high value at $20.028 as per the current data. The company’s price/earnings ratio is at 31.550x while its EPS is at 0.466 AUD.


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