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Highlights
- Worley's shares were trading 1.15% higher at AU$14.92 each at 3.11 PM AEST today.
- The company has received two new contacts.
- Worley has provided over 50% returns to its shareholders in last six months.
Worley Limited (ASX:WOR), an engineering services firm, announced today (25 May 2022) that it has received two new contracts with Borouge 4 LLC and Heartwell Renewables.
On the back of the news, Worley's shares were trading 1.15% higher at AU$14.92 each on ASX at 3.11 PM AEST today. This outperforms ASX 200 Index, which was 0.70% or 50.10 points up at 7,178.90 at 3.11 PM AEST.
Borouge 4 LLC contract
Borouge 4 LLC, a joint venture between ADNOC and Borealis, has granted Worley a contract for the fourth extension of Borouge's integrated polyolefins complex in Ruwais, United Arab Emirates.
The Borouge 4 extension will increase Borouge's polyolefins production capacity to 6.4 million tonnes per year from its present 5 million tonnes per year capacity, making it the world's largest single-site polyolefins complex by 2025. This will enable firms in the Middle East, Africa, and Asia-Pacific to satisfy the rising demand for polyolefins.
Source: Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 25 May 2022
Borouge 4 will also optimise integration potential and operational flexibility with Borouge's existing plants and Ruwais' broader industrial hub's upcoming growth phases.
Worley will offer project management consultancy (PMC) services for the Borouge 4 expansion's engineering, procurement, and construction phases under the contract terms.
The company's Abu Dhabi office will handle the PMC contract services with help from its global operations.
Source: © Luciferlucifermetal | Megapixl.com
The Heartwell contract
The second contract awarded to Worley is for detailed and field engineering services for a greenfield renewable diesel plant in Hastings, Nebraska, by Heartwell Renewables LLC (Heartwell).
Heartwell is a joint venture between The Love's Family of Companies and Cargill.
The new plant will create an estimated 302 million litres of sustainable diesel per year from feedstocks such as vegetable oils and tallow. This renewable diesel may be utilised in diesel automobiles without any engine modifications.
Worley's services will be delivered in Houston, Texas, with assistance from our India-based Global Integrated Delivery team. During the project's execution, the team will extensively use digital tools.
Also Read: How will soaring energy prices affect mining industry?
Worley's profile
Worley is an Australian-based worldwide firm whose mission is to create a more sustainable world. Worley is a global leader in project and asset management services for the chemicals, energy, and resources industries. The company uses its knowledge and capabilities as a knowledge-based service provider to help customers lower their emissions and move toward a low-carbon future.
Stock performance
Worley's shares have provided over 50% growth to its shareholders in the last six months. However, the shares have jumped around 40% YTD and 4% alone in the last one month.
Also Read: YAL, NHC, WOR: ASX All Ordinaries shares that hit multi-year highs yesterday
