Why Worley (ASX:WOR) shares are under watch today 

Source: BEST-BACKGROUNDS, Shutterstock

Australian engineering services provider Worley Limited (ASX:WOR) has secured a contract to maintain the selected assets of Petroleum Development Oman LLC (PDO).

As per the agreement, Worley would be maintaining PDO’s oil and gas production assets in the South Oman concession region. For executing the maintenance and integrity services, Worley would be working with Arabian Industries Projects LLC.

Copyright © 2021 Kalkine Media Pty Ltd

Also read: Worley Ltd Bags a Services Contract for its Recycling Unit

Maintenance and Integrity Contract Details

The contract has a tenure of seven years, with an option to extend it further by three years. The company, however, hasn’t announced the value of the project in monetary terms.

Mr Ashton further stated that the contract will help in strengthening Worley’s commitment towards local value engagement in Oman as well PDO, which it considers as a strategically important customer.

WOR stock was trading at AU$10.550 a piece on 12 April 2021 (AEST 11:18 AM).

Few of the other players trading in the red from the energy space were Woodside Petroleum Limited (ASX:WPL) and Beach Energy Limited (ASX:BPT). Santos Limited (ASX:STO) was trading in the green post a significant update on growth projects incentive for CEO. 

Contract with Phillips 66 Company

Last week, Worley won a bid from American multinational energy firm Phillips 66 Company (Phillips 66) to convert its San Francisco refinery into a renewable fuels facility.

The bid aims to redevelop the facility in order to produce 2.5 billion litres (650 million gallons) per year of renewable transportation fuels from cooking oils, fats, greases and vegetable oils – making it one of the largest facilities of the kind.

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK