WorleyParsons announces 13.6% profits hike

Australian contractor reports record yearly profits of $390.5m

Australian oil and gas contractor, Oil and gas contractor, WorleyParsons, WorleyParsons profits, NEWS, Industry Trends

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Oil and gas contractor WorleyParsons has bucked the current industry trend by announcing a 13.6% hike in net profits for the 12 months leading to June 2009.

The Australian outfit reported profits of US$390.5 million compared to $343.9 for the corresponding period in 2008.

“Despite the backdrop of the particularly challenging global economic environment, we have delivered a good financial performance for the 2009 financial year,” WorleyParsons CEO John Grill said.

“The result reflects the diversity of the group’s operations and the fact that we took early action to appropriately position the company for the volatile and challenging conditions.”

Grill admitted that some sectors had been challenging, particularly the oil sands sector in Canada, but also pointed out that the company had experienced strong operating conditions in the US, Europe and the Middle East

“Over the past twelve months we have made significant progress towards consolidating our position in mega-project execution and management, with world-class systems and demonstrated experience in harsh and remote climates. We are currently involved in 57 multi-billion dollar mega-projects,” Grill said.

“We are also actively tracking a large number of potential new mega-projects and anticipate a significant pool of new work will be released as the global economic recovery translates into new capital investments in our markets,” he added.

WorleyParsons also reported aggregated revenues of $6.22 billion, an increase of 27.0% on the $4.9 billion reported in the previous corresponding period.


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