WorleyParsons Garners EPCM Contract From INEOS Styrolution America

  • Dec 20, 2018 AEDT
  • Team Kalkine
WorleyParsons Garners EPCM Contract From INEOS Styrolution America

WorleyParsons Limited (ASX: WOR) is into the provision of professional services via alliance and integrated service contracts to the energy, resource, and various other industries. The Company offers services to various industrial sectors such as petroleum & petrochemicals, minerals, and metals, chemicals, power, and infrastructure.

The company has via a recent ASX release stated that INEOS Styrolution America LLC had awarded it an engineering, procurement, and construction management contract (“EPCM”). The services relate to the construction of a new acrylate styrene acrylonitrile (“ASA”) facility, in Bayport on the U.S. Gulf Coast. The new ASA facility will have a 100 kilotons capacity and is expected to be operational by 2021.

The company’s CEO Mr. Andrew Wood said that the management is very excited to be selected by INEOS Styrolution to work with them on this significant investment in support of its strategic growth plans.

For the FY 2018, the company reported revenue of $4,749.20 Mn, vis-à-vis $4,377 which was reported for the earlier corresponding period. Thus, there was a growth of 8.50% on a YoY basis, witnessed in the top line.

The Board had decided to pay a dividend based on the improved operating and cash performance of the company coupled with improving market expectations. Resultantly, the Board declared a final dividend payment of 15.0 cents per fully paid ordinary share, unfranked. This is an accretion to the interim dividend of 10.0 cents per share for a total dividend of 25.0 cents per share for the full year. As a result, 39.9% of the company’s full-year underlying net profit after tax for FY2018 shall be slated to be distributed to shareholders as a dividend.

The Hydrocarbons sector reported aggregated revenue of $3,588.0 million, and segment result of $347.7 million with a margin of 9.7% Hydrocarbons’ contribution to the Group’s aggregated revenue was 76%, increasing from last year. The increase in aggregated revenue was driven by the recent acquisition of the company's UK Integrated Solutions business which operates in the North Sea, and a return to growth in Canada and Norway.

The Minerals, Metals & Chemicals sector reported aggregated revenue of $427.4 million and segment result of $23.7 million with a margin of 5.5% vis-à-vis the aggregated income of $441.1 million, segment result of $16.7 million and segment margin of 3.8% for FY 2017. Minerals, Metals & Chemicals contributed 9% to the Group’s aggregated revenue. Chemicals now represent more than 55% of this sector's contribution.

Meanwhile, the share price of the company has fallen by 28.50 percent in the past six months as on 19 December 2018. WOR’s shares traded at $10.96, down by 3.606% (intraday) & with a market capitalization of circa $5.24 billion as on 20 December 2018 (AEST 04:00 PM).


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