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Worley (ASX:WOR) share price slides despite new contract

The Worley Ltd (ASX: WOR) share price is in negative territory today despite a new contract award. Here are the details.
The post Worley (ASX:WOR) share price slides despite new contract appeared first on The Motley Fool Australia. –

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The Worley Ltd (ASX: WOR) share price is in negative territory during mid-morning trade today despite news of a contract award.

At the time of writing, the global engineering company’s shares are fetching $10.75 apiece, a decline of 1.1%.

What did Worley announce?

Investors appear unfazed by the company’s latest contract win, sending Worley shares into the red.

In this morning’s release, Worley advised it has been awarded a services agreement by CITGO Refining and Chemicals Company L.P.

Under the contract, Worley will provide maintenance, turnaround and sustaining capital services to CITGO’s refineries in the United States.

Situated in Lake Charles, Louisiana and Corpus Christi, Texas, both facilities will see roughly 600 people perform upgrade works. Worley noted that the contractors to be used have previous experience at the sites, providing a seamless delivery of its services.

The contract will run for 5 years and will be managed by Worley’s US field services team.

Worley CEO Chris Ashton welcomed the new deal, saying:

As a global professional services company with an extensive track record of sustaining and optimising refineries globally, we are pleased that CITGO has engaged Worley for services to its Louisiana and Texas facilities.

We look forward to supporting CITGO to deliver on its operational and production targets by providing sustainable and reliable site operations at these refineries.

About the Worley share price

Worley, a 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 sectors.

Over the past 12 months, the Worley share price has gained close to 30% but fallen around 6% year-to-date. The company’s shares took a hit at the start of February after it provided a business update on the impact of COVID-19.

Worley has a market capitalisation of almost $5.6 billion at today’s prices, with just over 522 million shares outstanding.

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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 slides despite new contract appeared first on The Motley Fool Australia.

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