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Profits rise as Worley charts path through 'most transformative period'

Bosses at Worley said today that increased procurement income from its UK North Sea business helped lift revenues at the Australia-headquartered energy services firm.

Worley bought Amec Foster Wheeler’s oil and gas business following the latter’s acquisition by energy service giant Wood in 2017.

The deal marked Worley’s entry to the UK North Sea market. The company currently has about 2,500 employees in Aberdeen.

Worley continued its expansion in April 2019 when it completed the £2.5 billion acquisition of the energy, chemicals and resources (ECR) division of US firm Jacobs.

Worley – the new name for WorleyParsons – now employs a total of 58,100 people supporting the delivery of energy, chemicals and resources infrastructure in 51 countries.

Chief executive Andrew Wood said the firm had been through “one of the most transformative and dynamic periods in its history”.

Mr Wood said the integration of ECR was progressing to plan and that further savings from the combination of the two businesses had been identified.

The inclusion of ECR from late April, along with improved market conditions, steered Worley to pre-tax profits of £136 million for the 12 months to June 30, 2019, an increase of 19.5% compared to 2017-18.

Revenues jumped 43% year-on-year to £3.9bn at Worley, which also enjoyed an upturn in its Norwegian activities.

The company said market indicators and growth in its backlog by 10% to £10bn during the reporting period showed trading conditions were improving.

But Worley warned that its markets were being “tempered by macroeconomic global uncertainty”.

Recent acquisitions are expected to help Worley “navigate a changing world”.

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