- Joined
- 27 June 2010
- Posts
- 4,225
- Reactions
- 337
On October 29th, 2019, WorleyParsons Limited changed its name to Worley Limited.
WOR - Worley Limited
- Thread starter michael_selway
- Start date
- Joined
- 12 January 2008
- Posts
- 7,411
- Reactions
- 18,535
WOR has had a bullish week with price closing above the resistance at 14.50. The volume was higher than average and there's two HLs on the weekly chart. The initial target is 16.00, then 19.50.
We'll look back at this chart in a few months to see if this is the start of a price swing higher.
We'll look back at this chart in a few months to see if this is the start of a price swing higher.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,242
- Reactions
- 5,700
https://www.abc.net.au/news/2019-12-18/dar-worley-takeover-mired-in-political-intrigue/11802584
Very interesting long article about potential for Dar group takeover of Worley which is the largest shareholder with 23% and has gradually increased its shareholding through a practice known as "creep"
Spies, politicians and allegations of corruption: Inside the bitter corporate war between engineering giant Worley and Dubai's Dar Group
By Stephen Long, exclusive
Updated about 2 hours ago
Early in 2019, then-defence minister Christopher Pyne received a phone call from Khalid Al-Falih, who was the Saudi energy minister. What he was told in that conversation was staggering.
Mr Al-Falih said his government believed the biggest shareholder in giant Australian engineering firm Worley Parsons was "engaged in bribery and corruption".
That shareholder is Dar Group, an engineering, design and architecture conglomerate born in Beirut, based in Dubai.
Welcome to the extraordinary story of Worley and Dar: a cloak and dagger tale involving political intrigue, astonishing claims and a major Australian company at war with its largest shareholder.
Add to the mix Liberal Party luminaries in the various company camps — ex-NSW premier Nick Greiner and former federal minister Christopher Pyne among them.
Then throw in approaches to the highest ranks of the intelligence community, such as ex-ASIO boss Dennis Richardson and Australia's top intelligence official Nick Warner.
Here's the question: is the allegation made against Dar Group true, or simply part of a campaign to protect Worley from a company takeover?
The story of Worley and Dar is, at heart, a battle for corporate control.
But the way it's being waged gives a fascinating insight into the business of politics, the politics of business, and the shadowy world of political lobbying.
"Welcome to the extraordinary story of Worley and Dar: a cloak and dagger tale involving political intrigue, astonishing claims and a major Australian company at war with its largest shareholder."
TO READ ON use the link above
I Hold
946
Very interesting long article about potential for Dar group takeover of Worley which is the largest shareholder with 23% and has gradually increased its shareholding through a practice known as "creep"
Spies, politicians and allegations of corruption: Inside the bitter corporate war between engineering giant Worley and Dubai's Dar Group
By Stephen Long, exclusive
Updated about 2 hours ago
Early in 2019, then-defence minister Christopher Pyne received a phone call from Khalid Al-Falih, who was the Saudi energy minister. What he was told in that conversation was staggering.
Mr Al-Falih said his government believed the biggest shareholder in giant Australian engineering firm Worley Parsons was "engaged in bribery and corruption".
That shareholder is Dar Group, an engineering, design and architecture conglomerate born in Beirut, based in Dubai.
Welcome to the extraordinary story of Worley and Dar: a cloak and dagger tale involving political intrigue, astonishing claims and a major Australian company at war with its largest shareholder.
Add to the mix Liberal Party luminaries in the various company camps — ex-NSW premier Nick Greiner and former federal minister Christopher Pyne among them.
Then throw in approaches to the highest ranks of the intelligence community, such as ex-ASIO boss Dennis Richardson and Australia's top intelligence official Nick Warner.
Here's the question: is the allegation made against Dar Group true, or simply part of a campaign to protect Worley from a company takeover?
The story of Worley and Dar is, at heart, a battle for corporate control.
But the way it's being waged gives a fascinating insight into the business of politics, the politics of business, and the shadowy world of political lobbying.
"Welcome to the extraordinary story of Worley and Dar: a cloak and dagger tale involving political intrigue, astonishing claims and a major Australian company at war with its largest shareholder."
TO READ ON use the link above
I Hold
946
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,242
- Reactions
- 5,700
Worley was the worst performer on the S&P/ASX 200 index today and down as much as 10% to $13.71.
Down due to weakness in the energy sector and the announcement today of the retirement of its chief executive officer and managing director, Andrew Wood and appointment of Chris Ashton to the top job, effective February 24 (20+ years with Worley)
Down due to weakness in the energy sector and the announcement today of the retirement of its chief executive officer and managing director, Andrew Wood and appointment of Chris Ashton to the top job, effective February 24 (20+ years with Worley)
Attachments
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,242
- Reactions
- 5,700
Worley ASX announcement just now
24/02/2020 10:05:46 AM Half Year 2020 Result
The market did not like announcement
992
24/02/2020 10:05:46 AM Half Year 2020 Result
The market did not like announcement
992
- Joined
- 27 November 2017
- Posts
- 1,200
- Reactions
- 1,887
Chart for WOR below
- Nice recovery since March
- Pull back detected and looks to be continuing up
- Closed @ $9 and near high which is a good sign
- How long until it fills the gap ? we will have to wait and see.
- Nice recovery since March
- Pull back detected and looks to be continuing up
- Closed @ $9 and near high which is a good sign
- How long until it fills the gap ? we will have to wait and see.
- Joined
- 27 November 2017
- Posts
- 1,200
- Reactions
- 1,887
WOR popped up on a daily scan and I noticed that it still hasn't closed the gap ( see post above ) but is getting closer, it had a really big week up 17% with no announcements so we will have to wait and see if it can continue this great run.
Friday 13/11 close
Friday 13/11 close
- Joined
- 27 November 2017
- Posts
- 1,200
- Reactions
- 1,887
I had an order in yesterday for some WOR and then as you know the ASX shutdown.
Open up today with a bang....oh well you win some and you lose some - GAP CLOSED
Open up today with a bang....oh well you win some and you lose some - GAP CLOSED
- Joined
- 27 November 2017
- Posts
- 1,200
- Reactions
- 1,887
Trialing some new software and I still have my training wheels on so bear with me as I post a few charts and hopefully I can get 1 or 2 predictions correct
OK so, I am back looking at WOR as it came up in the scan.
Weekly chart below and it looks like wave 3 is complete and the SP is marching back down to wave 4. I have drawn a rectangle in red to mark the pivot point...we will see how close we get.
OK so, I am back looking at WOR as it came up in the scan.
Weekly chart below and it looks like wave 3 is complete and the SP is marching back down to wave 4. I have drawn a rectangle in red to mark the pivot point...we will see how close we get.
Once again @Trav. a very interesting chart, especially the introduction of time line.
I get the impression that price will move in the direction of a wave 5 very soon.
Cheers, Rob
- Joined
- 20 July 2021
- Posts
- 12,116
- Reactions
- 16,863
WORLEY LIMITED (WORLEY) (ASX: WOR)
Drax awards a services contract for carbon capture project Drax Group (Drax) has awarded Worley a services contract for the first two carbon capture units at its power station in North Yorkshire, UK. The two carbon capture units are expected to capture approximately eight million tonnes of carbon dioxide a year, strengthening Drax’s purpose to enable a zero carbon, lower cost energy future.
The carbon capture units will be integrated into two of the four existing biomass power generating units, which have a total capacity of 2,580 MW.
The carbon capture units will incorporate Drax’s negativeemissions technology known as Bioenergy with Carbon Capture and Storage (BECCS). BECCS combines renewable electricity generated from biomass and carbon capture storage to permanently remove carbon dioxide from the atmosphere. BECCS has been successfully piloted by Drax.
Under the contract, Worley will provide front-end engineering and design (FEED) services for the project. The services will be executed by Worley’s team in the UK.
Upon final investment decision and selection by the UK’s Department of Business, Energy and Industrial Strategy (BEIS) for the project to progress, Drax and Worley are expected to negotiate the subsequent detailed engineering and build phases of the project. This services contract follows the pre-FEED phase of the project which was recently completed by Worley.
Worley’s partnership with Drax is strategically significant and demonstrates how Worley is supporting our customers adapt and decarbonize existing assets. “As a global professional services company headquartered in Australia, we are pleased that Drax has engaged Worley in this important carbon capture project. Our partnership with Drax is one of the ways we’re helping our customers adapt existing assets and decarbonize industrial clusters, whilst also supporting Worley’s strategic focus on sustainability and delivering a more sustainable world,” said Chris Ashton, Chief Executive Officer of Worley. Authorized for release by Nuala O’Leary, Group Company Secretary. For further information, please contact:
DYOR
i hold WOR
Drax awards a services contract for carbon capture project Drax Group (Drax) has awarded Worley a services contract for the first two carbon capture units at its power station in North Yorkshire, UK. The two carbon capture units are expected to capture approximately eight million tonnes of carbon dioxide a year, strengthening Drax’s purpose to enable a zero carbon, lower cost energy future.
The carbon capture units will be integrated into two of the four existing biomass power generating units, which have a total capacity of 2,580 MW.
The carbon capture units will incorporate Drax’s negativeemissions technology known as Bioenergy with Carbon Capture and Storage (BECCS). BECCS combines renewable electricity generated from biomass and carbon capture storage to permanently remove carbon dioxide from the atmosphere. BECCS has been successfully piloted by Drax.
Under the contract, Worley will provide front-end engineering and design (FEED) services for the project. The services will be executed by Worley’s team in the UK.
Upon final investment decision and selection by the UK’s Department of Business, Energy and Industrial Strategy (BEIS) for the project to progress, Drax and Worley are expected to negotiate the subsequent detailed engineering and build phases of the project. This services contract follows the pre-FEED phase of the project which was recently completed by Worley.
Worley’s partnership with Drax is strategically significant and demonstrates how Worley is supporting our customers adapt and decarbonize existing assets. “As a global professional services company headquartered in Australia, we are pleased that Drax has engaged Worley in this important carbon capture project. Our partnership with Drax is one of the ways we’re helping our customers adapt existing assets and decarbonize industrial clusters, whilst also supporting Worley’s strategic focus on sustainability and delivering a more sustainable world,” said Chris Ashton, Chief Executive Officer of Worley. Authorized for release by Nuala O’Leary, Group Company Secretary. For further information, please contact:
DYOR
i hold WOR
- Joined
- 20 July 2021
- Posts
- 12,116
- Reactions
- 16,863
Worley awarded a services contract by Imperial Oil
Worley has been awarded a module fabrication and field construction services contract in Alberta, Canada
by Imperial Oil Resources Limited (Imperial) for the in-pit tailings infrastructure project at the Kearl Oil
Sands operation.
Under the contract, the WorleyCord team will execute the module fabrication and assembly of the
project’s first two phases at WorleyCord’s Edmonton modularization yard with field execution at the
project site in the Fort McMurray area. Robotic welding will be used in the fabrication and HoloLensTM
technology will be used to enhance health and safety outcomes by facilitating virtual site visits.
“Having worked together for more than 30 years, we are pleased to continue providing Imperial with
integrated solutions on this large fabrication and construction project,” said Chris Ashton, Chief Executive
Officer of Worley.
Authorized for release by Nuala O’Leary, Group Company Secretary.
DYOR
==============================================================================
i hold WOR
Worley has been awarded a module fabrication and field construction services contract in Alberta, Canada
by Imperial Oil Resources Limited (Imperial) for the in-pit tailings infrastructure project at the Kearl Oil
Sands operation.
Under the contract, the WorleyCord team will execute the module fabrication and assembly of the
project’s first two phases at WorleyCord’s Edmonton modularization yard with field execution at the
project site in the Fort McMurray area. Robotic welding will be used in the fabrication and HoloLensTM
technology will be used to enhance health and safety outcomes by facilitating virtual site visits.
“Having worked together for more than 30 years, we are pleased to continue providing Imperial with
integrated solutions on this large fabrication and construction project,” said Chris Ashton, Chief Executive
Officer of Worley.
Authorized for release by Nuala O’Leary, Group Company Secretary.
DYOR
==============================================================================
i hold WOR
Dona Ferentes
beware the aedes of marsh
- Joined
- 11 January 2016
- Posts
- 16,859
- Reactions
- 23,029
WOR hasn't been to $15 since Covid slowed things down.
Sustained oil and especially gas prices should see more of an uptick in work, and of course there's the arcane science (and effort) that is carbon capture.
Sustained oil and especially gas prices should see more of an uptick in work, and of course there's the arcane science (and effort) that is carbon capture.
- Joined
- 20 July 2021
- Posts
- 12,116
- Reactions
- 16,863
WORLEY LIMITED (WORLEY) (ASX:WOR)
Recent media reports Worley refers to Worley’s ASX release dated 27 December 2023.
Worley also refers to recent media reports which are inaccurate in several respects.
As announced on 27 December 2023, WorleyParsons (now Worley) provided services in Ecuador from 2011 until 2017.
In 2019, Worley commenced an arbitration relating to historic unpaid trade receivables owing to a subsidiary of Worley by Petroecuador, a state-owned enterprise in Ecuador, and a related State entity (the Worley receivables).
The arbitration was commenced under the Bilateral Investment Treaty between the USA and Ecuador, with the tribunal issuing its decision on 22 December 2023.
Worley disagrees with the decision and is considering the options for further legal proceedings.
The decision was confidential under applicable rules at the time it was issued but since then, Ecuador has made the decision public.
The tribunal’s decision to dismiss the arbitration is based on jurisdictional and admissibility grounds relating to corruption, illegality and bad faith by Worley and a subcontractor, including wilful blindness by Worley to the subcontractor’s corruption.
Because the tribunal dismissed Worley’s claims on these grounds, it did not address the merits of Worley’s claim for payment of the Worley receivables.
Worley denies any corruption, illegality or bad faith on Worley’s part.
In particular, Worley did not breach anti-bribery and corruption laws.
Worley takes its responsibilities under such laws extremely seriously.
Principals of a Worley subcontractor were prosecuted and found to be corrupt by an Ecuadorian court.
Following investigations, Worley terminated its connection with that subcontractor in 2016 as soon as it became evident to Worley that the subcontractor had engaged in wrongdoing.
Worley had followed proper processes, including conducting due diligence, and denies that it was wilfully blind in respect of the subcontractor’s corruption.
Since 2017, Worley has further strengthened its processes for engagement of business partners and subcontractors.
Some other specific issues raised in the decision related to the legitimacy and proper reporting of a limited number of historical business entertainment events during the 2011-2017 period.
Since that time and as part of ongoing processes to strengthen our ethical business practices, Worley has improved its processes for training and education, approval and recording of entertainment expenses.
Issues were also raised regarding improper hiring.
Worley believes that all project employees were hired in accordance with proper processes.
2 The media inaccurately reported the amount of the Worley receivables.
The net amount owed to Worley is AUD58 million which has been recorded as non-current in Worley’s periodic reporting since FY2019.
1 The decision awards costs to Ecuador of approximately USD6 million, which is not material to Worley’s FY2024 results.
Worley’s own legal costs of the arbitration have been and continue to be expensed as incurred.
The media also reported an alleged tax liability in Ecuador.
Worley believes that it has complied with its tax obligations and that the tax positions in the financial statements have been appropriately taken.
Authorized for release by Nuala O’Leary, Group Company Secretary.
For further information, please contact: Veréna Preston Senior Group Director Investor Relations Ph: +61 402 125 930 investor.relations@worley.com www.worley.com
i hold WOR
hmmm , is this an activist trying to take control of WOR , or just straight out scape-goating ( to deflect from corruption elsewhere )
Recent media reports Worley refers to Worley’s ASX release dated 27 December 2023.
Worley also refers to recent media reports which are inaccurate in several respects.
As announced on 27 December 2023, WorleyParsons (now Worley) provided services in Ecuador from 2011 until 2017.
In 2019, Worley commenced an arbitration relating to historic unpaid trade receivables owing to a subsidiary of Worley by Petroecuador, a state-owned enterprise in Ecuador, and a related State entity (the Worley receivables).
The arbitration was commenced under the Bilateral Investment Treaty between the USA and Ecuador, with the tribunal issuing its decision on 22 December 2023.
Worley disagrees with the decision and is considering the options for further legal proceedings.
The decision was confidential under applicable rules at the time it was issued but since then, Ecuador has made the decision public.
The tribunal’s decision to dismiss the arbitration is based on jurisdictional and admissibility grounds relating to corruption, illegality and bad faith by Worley and a subcontractor, including wilful blindness by Worley to the subcontractor’s corruption.
Because the tribunal dismissed Worley’s claims on these grounds, it did not address the merits of Worley’s claim for payment of the Worley receivables.
Worley denies any corruption, illegality or bad faith on Worley’s part.
In particular, Worley did not breach anti-bribery and corruption laws.
Worley takes its responsibilities under such laws extremely seriously.
Principals of a Worley subcontractor were prosecuted and found to be corrupt by an Ecuadorian court.
Following investigations, Worley terminated its connection with that subcontractor in 2016 as soon as it became evident to Worley that the subcontractor had engaged in wrongdoing.
Worley had followed proper processes, including conducting due diligence, and denies that it was wilfully blind in respect of the subcontractor’s corruption.
Since 2017, Worley has further strengthened its processes for engagement of business partners and subcontractors.
Some other specific issues raised in the decision related to the legitimacy and proper reporting of a limited number of historical business entertainment events during the 2011-2017 period.
Since that time and as part of ongoing processes to strengthen our ethical business practices, Worley has improved its processes for training and education, approval and recording of entertainment expenses.
Issues were also raised regarding improper hiring.
Worley believes that all project employees were hired in accordance with proper processes.
2 The media inaccurately reported the amount of the Worley receivables.
The net amount owed to Worley is AUD58 million which has been recorded as non-current in Worley’s periodic reporting since FY2019.
1 The decision awards costs to Ecuador of approximately USD6 million, which is not material to Worley’s FY2024 results.
Worley’s own legal costs of the arbitration have been and continue to be expensed as incurred.
The media also reported an alleged tax liability in Ecuador.
Worley believes that it has complied with its tax obligations and that the tax positions in the financial statements have been appropriately taken.
Authorized for release by Nuala O’Leary, Group Company Secretary.
For further information, please contact: Veréna Preston Senior Group Director Investor Relations Ph: +61 402 125 930 investor.relations@worley.com www.worley.com
i hold WOR
hmmm , is this an activist trying to take control of WOR , or just straight out scape-goating ( to deflect from corruption elsewhere )
Dona Ferentes
beware the aedes of marsh
- Joined
- 11 January 2016
- Posts
- 16,859
- Reactions
- 23,029
Ecuador has no functioning government. Its a kleptomafianarcostate. oh yes it is.
Dona Ferentes
beware the aedes of marsh
- Joined
- 11 January 2016
- Posts
- 16,859
- Reactions
- 23,029
“The IEA [International Energy Agency] estimates a record $2.8 trillion was invested in energy last year, of which $1.8 trillion was in clean energy. Under the IEA's net zero 2050 scenario, the estimate energy investment needs to reach nearly $5 trillion by 2030. And to be clear, that AUD 5 trillion needs to continue at those levels through 2050 and beyond.”
- Chris Ashton, CEO, Worley Ltd
- Chris Ashton, CEO, Worley Ltd
- Joined
- 8 June 2008
- Posts
- 13,405
- Reactions
- 19,834
The world of physics and facts is scary
- Joined
- 20 July 2021
- Posts
- 12,116
- Reactions
- 16,863
CBSR awards contract for expansion of renewable fuel complex
Cepsa Bioenergia San Roque SL (CBSR), a joint venture between Cepsa1 and Bio-Oils(subsidiary of Apical), has awarded Worley a services contract for the expansion of CBSR’s renewable fuel complex in Huelva, Spain, including a new biofuel plant.
Cepsa and Apical state that, when completed, the new biofuel plant is expected to become one of the largest second-generation biofuel plants in southern Europe, supporting lower carbonaviation, maritime and land transportation.
The new biofuel plant will be designed to feature flexible annual production of 500,000 tons of sustainable aviation fuel (SAF) and renewable diesel (hydrogenated vegetable oil or HVO), doubling the current complex’s production capacity to 1 million tonnes per annum. The new biofuel plant is scheduled to commence production in 2026.
Under the contract, Worley will provide engineering, procurement and field engineering support services including the feedstock pretreatment facilities, outside battery limit 2 fuelpre-treatment units, and wastewater treatment plant.
Worley categorizes this contract as sustainable work in accordance with Worley’s definition of sustainability-related work.3
Under the contract, Worley will provide the services through Worley’s office in Singapore with support from our Spain and Global Integrated Delivery (GID) teams in India.
“We are pleased to work with the CBSR joint venture between Cepsa and Bio-Oils, on this large second-generation biofuel plant, which is consistent with our purpose of delivering a more sustainable world,” said Chris Ashton,
Chief Executive Officer of Worley.
Authorized for release by Nuala O’Leary, Group Company Secretary.
i hold WOR
careful , this contract could turn into a 'Green Dream nightmare ' ( funding short-fall , changes, cost blow-outs etc etc )
Cepsa Bioenergia San Roque SL (CBSR), a joint venture between Cepsa1 and Bio-Oils(subsidiary of Apical), has awarded Worley a services contract for the expansion of CBSR’s renewable fuel complex in Huelva, Spain, including a new biofuel plant.
Cepsa and Apical state that, when completed, the new biofuel plant is expected to become one of the largest second-generation biofuel plants in southern Europe, supporting lower carbonaviation, maritime and land transportation.
The new biofuel plant will be designed to feature flexible annual production of 500,000 tons of sustainable aviation fuel (SAF) and renewable diesel (hydrogenated vegetable oil or HVO), doubling the current complex’s production capacity to 1 million tonnes per annum. The new biofuel plant is scheduled to commence production in 2026.
Under the contract, Worley will provide engineering, procurement and field engineering support services including the feedstock pretreatment facilities, outside battery limit 2 fuelpre-treatment units, and wastewater treatment plant.
Worley categorizes this contract as sustainable work in accordance with Worley’s definition of sustainability-related work.3
Under the contract, Worley will provide the services through Worley’s office in Singapore with support from our Spain and Global Integrated Delivery (GID) teams in India.
“We are pleased to work with the CBSR joint venture between Cepsa and Bio-Oils, on this large second-generation biofuel plant, which is consistent with our purpose of delivering a more sustainable world,” said Chris Ashton,
Chief Executive Officer of Worley.
Authorized for release by Nuala O’Leary, Group Company Secretary.
i hold WOR
careful , this contract could turn into a 'Green Dream nightmare ' ( funding short-fall , changes, cost blow-outs etc etc )
- Joined
- 20 July 2021
- Posts
- 12,116
- Reactions
- 16,863
i see what you mean ( about the Chair's address )
i suspected this trend across the sector ( i hold WOR and several rivals )
so are we looking at an investment down-turn , or entanglements with new regulations ( or both )