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.
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.