- Worley has extended a relationship with the Kuwaiti government’s oil major
- Worley finds itself helping to remediate oilfield assets damaged in the 1991 Gulf War
- The program is backed by the United Nations
- Worley last traded at $16.72
Worley (ASX:WOR) has secured a 5-year contract extension from government-backed Kuwait Oil Company (KOC) for the management of the Kuwait Environmental Remediation Program (KERP) – which suffered damage during the 1991 Gulf war.
The KERP, initiated by the United Nations, stands as one of the largest environmental remediation efforts globally.
It aims to address oil contamination within KOC oilfields, which underwent significant damage in 1991.
Under the renewed contract, Worley will oversee the project management of KERP and various aspects of environmental remediation and management.
The company’s role will encompass crucial tasks in handling the complexities of the restoration process.
Worley’s services will be provided through its offices in Kuwait, ensuring close collaboration with KOC and efficient project delivery.
Interestingly, Worley is headquartered in Perth, Western Australia – and Kuwait coincidentally owns oil and gas licences offshore WA’s north west coast.
“We’re pleased to continue our work with Kuwait Oil Company on this globally significant environmental remediation project, which is consistent with our purpose of delivering a more sustainable world,” Worley Chief Executive Officer Chris Ashton said.
Worley has been under pressure recently – and was hit by intense sell-offs last month following news it was acting corruptly in Ecuador.
WOR has been trading at $16.72.