- Engineering giants Worley (WOR) has received a four-year contract extension from INEOS Chemicals Grangemouth and INEOS Infrastructure
- The contract is for the Grangemouth manufacturing site, where Worley has been providing services for more than 20 years
- Under the agreement, Worley will provide small capital engineering services for the ongoing maintenance and upgrades to the INEOS assets
- On the market today, Worley is down 0.95 per cent and is trading at $10.47 per share
Worley (WOR) has received a contract extension from INEOS Chemicals Grangemouth and INEOS Infrastructure.
INEOS has extended the master service agreement for four years at its Grangemouth U.K. site, where it produces core chemical products such as ethylene, polyethylene and ethanol.
Under the agreement, Worley will provide small capital engineering services for the ongoing maintenance and upgrades to the INEOS assets. Notably, the services will be through Worley’s office in Glasgow.
Grangemouth is located 40 kilometres west of Edinburgh on a 1700-acre site. It is strategically placed to make use of crude oil and natural gas liquids delivered directly from North Sea fields.
“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,” Worley CEO Chris Ashton said.
“We look forward to continuing our relationship and helping INEOS O&P UK achieve its sustainability goals,” he added.
Last week, Worley secured contract from 1PointFive for a direct air capture unit. 1PointFive is developing direct air capture technology to remove carbon dioxide from the atmosphere.
On the market today, Worley is down 0.95 per cent and is trading at $10.47 per share at 12:40 pm AEDT.