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The Worley share price rose today on a new contract

Motley Fool Staff

The Worley Ltd (ASX: WOR) share priced climbed nearly 2% after announcing another contract win this morning. 

Worley announced that Perunding Ranhill Worley SDN BHD (PRW) has been awarded a 5-year engineering, procurement and construction management (EPCM) contract by ExxonMobil Exploration and Production Malaysian Inc (‘EMEPMI’). 

The company explained that Ranhill Worley SDN BHD is a joint venture business between Worley and Ranhill Group SDN BHD and will be the business that performs services for PRW. Worley is also a joint venture shareholder in PRW. The SDN BHD letters mean that it’s a private Malaysian limited company. 

Under the contract, Ranhill Worley will deliver brownfield asset restoration and debottlenecking projects for offshore projects in Malaysia. The EPCM services will also include workpack preparation, material management, construction planning & reporting and offshore field engineering services for EMEPMI’s offshore assets. The services will be delivered by the Ranhill Worley office in Kuala Lumpur with support from Worley’s global business. 

The CEO of Worley, Andrew Wood, said: “I am pleased that PRW has been awarded this contract, which marks a decade of Ranhill Worley serving ExxonMobil Exploration and Production Malaysia Inc. Through this contract, Worley will also bring our project delivery system developed in Worley’s UK North Sea business.”

The post The Worley share price rose today on a new contract appeared first on Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020