Worley (ASX:WOR) snaps up Sweden & US deals

Company News

by Michael Luu

Engineering solutions company Worley (ASX:WOR) has successfully snapped up two new deals in Sweden and the US.

Firstly, the ASX-listed engineering firm has been selected by Scandinavian renewable energy player Liquid Wind to deliver front-end engineering design services and cost estimate to liquid fuel producer’s e-methanol manufacturing plant in Sweden.

Worley will deploy its Sweden,UK and India teams to provide their services to the renewable liquid fuel facility in Örnsköldsvik, called FlagshipONE. The asset is expected to convert 70,000 tonnes of carbon dioxide into 54,000 tonnes of renewable fuel.

The project is the first of the six complexes to be rolled out by Liquid Wind to produce eco-friendly, sustainable fuel, contributing to Sweden’s carbon emissions reduction objectives.

Worley has inked a five-year deal with Houston-based petroleum corporation CITGO to provide turnaround and sustaining capital services to the US refining and chemicals company’s projects in Louisiana and Texas.

The 5.6 billion engineering firm is expected to employ 600 specialists for these operations. Worley’s US Field Services division will oversee the delivery of this contract.

Shares in Worley (ASX:WOR) are trading 0.97 per cent lower at $10.76

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.