Worleyparsons Limited

WOR Details

Recently, WorleyParsons Limited (ASX: WOR) won a five-year framework agreement for performance of engineering, procurement, shutdown and construction management services (EPCm) from Refining NZ at their Marsden Point Refinery. On the other hand, it has been awarded a five-year Framework Agreement by Shell Global Solutions International, B.V., for the provision of engineering, procurement and construction management (EPCM) services for Shell downstream projects worldwide. WorleyParsons drives a strong focus on improving operating efficiency for its clients through its EPCM services, including concept, front end engineering, detailed design, procurement, project and construction management services. The inclusion of the management and technical consulting services of Advisian helps WorleyParsons Group provide 360-degree solutions to its clients. Further, WorleyParsons has been awarded the Nuclear Owner’s Support Services Agreement by Ontario Power Generation (OPG) (Agreement) for a five-year term with options for two additional five-year terms. Under this new Agreement, WorleyParsons will provide operations, maintenance and technical services and owner’s support services including work protection, projects and modifications, radiation protection, preventative maintenance, regulatory support and engineering support services. We maintain our “Hold” recommendation on the stock at the current price of $11.33


WOR Daily chart; (Source: Thomson Reuters)

Origin Energy Ltd

ORG Details
 
Origin Energy Ltd is a 42.5% joint venture partner in the BassGas project located in production license T/L1 offshore Tasmania via subsidiaries. Other joint venture partner AWE Limited advised that the final phase of the MLE project works at BassGas (installation and successful commissioning of compressor and condensate pumping unit at the Yolla-A platform) has been completed ahead of time and under budget. This follows the drilling and completion of, and gas sales from, the final two development wells, Yolla-5 and Yolla-6, in 2015. Compression of Yolla gas commenced on 12 June 2017 with production reaching the facility design (nameplate) capacity of 67 TJ/day on 24 June 2017, following a period of performance testing and system fine tuning. Further, AWE Limited is working with the Operator, Origin Energy, on development concept studies for the nearby Trefoil field, which is similar to the Yolla field in terms of gas-condensate mix. Origin is also positioning itself to leverage the booming renewables demand, and accordingly, committing to more than 680 MW since early 2016, which is coming into production from 2018. We maintain a “Buy” recommendation on the stock at the current price of $7.19
 

ORG Daily chart; (Source: Thomson Reuters)

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