WorleyParsons wins ConocoPhillips contracts

WorleyParsons wins ConocoPhillips contracts

 

Australian engineering company WorleyParsons has been awarded to contracts in the UK by US giant ConocoPhillips.

The first contract will see WorleyParsons provide engineering and construction services to ConocoPhillips’ assets in the central and southern North Sea.

The second award will see it provide engineering, procurement and construction services, including pre-commissioning and commissioning, for a subsea tieback project to an existing platform.

Both contracts will be carried out by WorleyParsons’ UK Integrated Solutions’ Aberdeen office in Scotland.

News of the contract wins came as WorleyParsons also revealed Wednesday its largest shareholder, Dar Group, had provided binding commitments to take up its remaining A$476 million (US$345.5 million) in entitlements in the company’s current retail entitlement offer.

It comes after Dar already took up about A$185 million of its entitlements through the recent institutional component of the entitlement offer, meaning it had taken up 100% of its entitlements from the overall entitlement offer.

WorleyParsons launched a A$2.9 billion entitlement offer last month to fund part of its US$3.3 billion acquisition of US company Jacob Engineering’s energy, chemicals and resources segments.

It already successfully raised A$1.8 billion through the institutional component and said Wednesday it was on track to raise A$1.1 billion from the retail component.

The retail entitlement offer is set to close at the close of business at Wednesday, however WorleyParsons said it had elected to accept applications and payments for entitlements by eligible retail shareholders until 11:00 am on Friday.

Source: www.upstreamonline.com

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