Worley (ASX:WOR) share price seesaws on latest contract award

The Worley Ltd (ASX: WOR) share price is dipping this morning despite winning another contract award. Here’s what the company announced.
The post Worley (ASX:WOR) share price seesaws on latest contract award appeared first on The Motley Fool Australia. –

Oil & Gas stocks

The Worley Ltd (ASX: WOR) share price is seesawing this morning despite winning another contract award. The deal is the latest in a number of signings achieved over the past 2 months.

At the time of writing, the global engineering company’s shares are swapping hands for $10.76, down 0.09%. Worley shares were slightly in the green at market open before moving in negative territory.

Let’s take a closer look at what the company updated the ASX with.

Contract award

Worley shares are slipping slightly today after the company announced its latest news.

In today’s release, Worley advised it has been awarded an engineering and procurement services contract from Chevron USA for services at one of its deep-water production facilities situated in the Gulf of Mexico.

The deal will see Worley provide engineering and design for the “integration and subsea tieback of the Ballymore oil and gas field”. Worley noted that it is supporting both the subsea and topsides designs and will provide procurement services for topsides.

The company stated that topsides services and project management will be looked after by its United States Gulf Coast team.

Intecsea, a subsidiary of Worley, will undertake services for the subsea area of the project. Intecsea is a global leader in subsea systems, offshore pipelines, floating systems and overall field development. Lastly, Worley’s support team for the project will be run by its Global Integrated Delivery office in India.

Worley CEO, Chris Ashton, welcomed the new deal, saying:

As a global professional services company headquartered in Australia, we look forward to helping Chevron meet the world’s changing energy needs and continuing Worley’s longstanding global relationship with Chevron.

About the Worley share price

While the Worley share price has increased close to 50% over the past year, year-to-date performance is down 6%. Since the beginning of February, the company’s shares have moved sideways, despite several contracts being awarded.

Worley has a market capitalisation of about $5.6 billion, and a price-to-earnings (P/E) ratio of 71.80.

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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.

The post Worley (ASX:WOR) share price seesaws on latest contract award appeared first on The Motley Fool Australia.

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