The Worley Ltd (ASX: WOR) share price is treading lower today despite announcing a contract win from Chevron. Here’s all the details.
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What did Worley announce?
According to its release, Worley advised that it has successfully secured a global contract for early-phase engineering services by Chevron U.S.A through its Chevron Technical Centre division.
Under the agreement, Worley will provide engineering works to Chevron’s global upstream and downstream projects across both onshore and offshore platforms. This will include the use of Worley’s patented digital design and optimization tool, SeleXpress.
Worley noted that the contract will help support its transformation strategy in utilizing digital products and technology applications.
The deal will be executed by Worley’s global consulting business, Advisian. Furthermore, the company’s Houston office will take lead on the project.
What does Worley do?
Established in 1971, Worley is Australia’s largest oil and gas engineering group. The leading global engineering company provides design and project delivery services including maintenance, reliability support services, and advisory services.
The business operates in the energy, chemical, and resources sector.
Words from the CEO
Worley CEO Chris Ashton welcomed the deal, saying:
As a global professional services company, we are pleased that Chevron has selected Advisian to help develop its upstream and downstream capability. This contract continues Worley’s longstanding global relationship with Chevron and supports Worley’s strategic focus on digital transformation and delivering a more sustainable world.
About the Worley share price
Since dropping dramatically to as low as $4.63 during the COVID-19 fallout, the company’s shares have slowly trekked higher. In November, the Worley share price broke the $14 barrier before sinking again.
It’s worth noting that its shares are still close to 25% down from this time last year.
Based on the current share price, Worley has a market capitalisation of roughly $5.55 billion.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.