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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.
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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.