The Worley Ltd (ASX: WOR) share price is up slightly this morning after the company announced an extended contract with a UK partner.
At the time of writing, the global engineering company's shares are up 0.66%, trading at $10.60.
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Renewed contract
In today's release, Worley advised that INEOS O&P UK has renewed its master services agreement for its Grangemouth, United Kingdom site. One of the largest manufacturing plants in the country, INEOS O&P UK produce chemical products that include ethylene, polyethylene and ethanol. This is then used to create bottles and pipes, cabling and insulation, food packaging, and more.
Under the agreement, Worley will provide engineering services for ongoing maintenance and upgrades to the facility. These works are expected to be small in capital expense terms and will run for 4 years.
The deal will be managed by Worley's Glasgow, United Kingdom office, and supported by the Global Delivery team.
CEO commentary
Worley CEO Chris Ashton welcomed the extended partnership, saying:
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. We look forward to continuing our relationship and helping INEOS O&P UK achieve its sustainability goals.
Worley overview and share price snapshot
A leading global engineering company, Worley provides design and project delivery services, including maintenance, reliability support services and advisory services. The business operates in the energy, chemical and resources sector.
The Worley share price has fallen around 13% over the last 12 months, and 8% lower year-to-date. Although the company has announced a raft of agreements in the past 3 months, its share price has failed to take-off.
Based on current valuations, Worley commands a market capitalisation of roughly $5.5 billion.
