Worley secures five-year agreement to provide services in Oman

Worley Ltd (ASX:WOR) has seen its share price move down despite telling investors it had secured an agreement to provide services in northern concession areas of Oman held by Petroleum Development Oman (PDO).

The five-year framework agreement awarded by Gulf Petrochemical Services & Trading LLC revolves around PDO’s Fahud, Lekhwair and Yibal projects, for which Worley Oman is to provide engineering and procurement support services.

This includes project support, engineering, and procurement services across PDO’s capital
expenditure portfolio, including modifications to its current brownfield assets and construction of new ones – with all services being executed from Worley’s office in Oman.

Chief executive officer Chris Ashton said the award was appreciated in terms of longstanding collaboration between Worley and PDO.

“We’re pleased to support Gulf Petrochemical and build on our longstanding relationship with PDO through this framework agreement,” he said.

Nevertheless, shares in the company fell after the news, and at 12:45 AEST, they were trading at $14.40 – a drop of 1.23% since the market opened.