Worley Provides Updated Response to Market Conditions

April 28, 2020 12:16 PM AEST | By Team Kalkine Media

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Worley Limited (ASX: WOR) has provided updated response to market conditions.

Worley conformed that the safety and well-being of its people is the top priority.
It continues to adjust its business & expenses.
It has added $465 million debt facility to strengthen its liquidity position.
The headcount has dropped 5% in between 31 January 2020 to 31 March 2020 in the lower margin construction related events.
Chargeable hour has gone down by 2% over March 2020.

Business response update:

Made adjustment to the operational & support cost structures
Postpone all non-essential capex.
Protect cash, manage receivables & lessen discretionary use.
Optimize staffing levels & costs while preserving capability.
Maintain productivity on projects & operational support services.

Liquidity Update:

Worley’s total liquidity as at 31 December 2019 was $1.36 billion. On 30 March 2020, WOR announced that it received credit approval to extend ~ $465 million in 12 months facility.

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