Why the Worley (ASX:WOR) share price is lifting today

The Worley Ltd (ASX: WOR) share price is lifting this morning following an extended contract. Here are the latest details.
The post Why the Worley (ASX:WOR) share price is lifting today appeared first on The Motley Fool Australia. –

2 businessmen shaking hands, indicating a partnership deal and share price lift

The Worley Ltd (ASX: WOR) share price is up slightly this morning after the company announced an extended contract with a UK partner.

At the time of writing, the global engineering company’s shares are up 0.66%, trading at $10.60. 

Renewed contract

In today’s release, Worley advised that INEOS O&P UK has renewed its master services agreement for its Grangemouth, United Kingdom site. One of the largest manufacturing plants in the country, INEOS O&P UK produce chemical products that include ethylene, polyethylene and ethanol. This is then used to create bottles and pipes, cabling and insulation, food packaging, and more.

Under the agreement, Worley will provide engineering services for ongoing maintenance and upgrades to the facility. These works are expected to be small in capital expense terms and will run for 4 years.

The deal will be managed by Worley’s Glasgow, United Kingdom office, and supported by the Global Delivery team.

CEO commentary

Worley CEO Chris Ashton welcomed the extended partnership, saying:

Worley has been at Grangemouth for more than 20 years and this extension of our master services agreement reinforces the strong relationship the Worley team has developed with INEOS O&P UK. We look forward to continuing our relationship and helping INEOS O&P UK achieve its sustainability goals.

Worley overview and share price snapshot

A leading global engineering company, Worley provides design and project delivery services, including maintenance, reliability support services and advisory services. The business operates in the energy, chemical and resources sector.

The Worley share price has fallen around 13% over the last 12 months, and 8% lower year-to-date. Although the company has announced a raft of agreements in the past 3 months, its share price has failed to take-off.

Based on current valuations, Worley commands a market capitalisation of roughly $5.5 billion.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

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.

The post Why the Worley (ASX:WOR) share price is lifting today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!