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Business Description: WorleyParsons Limited (WOR) provides professional services to the oil & gas, power, minerals & metals and infrastructure & environment industries, including feasibility studies, design, project services, upgrade services and maintenance services. WOR service capability covers the entire asset lifecycle: from identifying the opportunity to the operating phase.
Strategy Analysis: This is a diverse global business with wide geographic coverage and skills across all project phases from feasibility to design, execution, operation and maintenance. Services are offered in a variety of fields namely hydrocarbons, minerals and metals, power and infrastructure. Willingness to enter alliance style contracts extends the skill offering, opening the opportunity for work in new areas. WOR has an appetite for further corporate deals, with a solid balance sheet and strong cash flows.
Key areas of strategic focus are capturing some of the significant opportunities in liquefied natural gas in Australia, unconventional oil and gas, expansion of activities in the developing regions and seeking opportunities for its pit to port infrastructure capabilities. Specifically, in Hydrocarbons there is a focus on building capacity in offshore oil and gas markets and heavy oil/oil sands and LNG in Australia. In Power WOR is following the growth in emerging regions such as Asia, Middle East, Latin America and Africa, with a focus on asset optimisation and network integration in developed nations. In Infrastructure the focus is on infrastructure and environment needs for pit to port, water management, ports of the future, master planning, remediation and decommissioning of facilities. In Metals and Minerals there is continued expansion into South America and Africa as well as a focus on pit to port infrastructure solutions for stranded assets.
WorleyParsons reported NPAT up 2.1% to $155.1m for the half-year ended 31 December 2012. Revenues from ordinary activities were $4.41bn, up 33.7% from the same period last year. Diluted EPS was 62.5 cents compared to 61.4 cents last year. Net operating cash flow was $124.6m compared to $63.8m last year. The interim dividend declared was 41.5 cents compared with 40.0 cents last year.
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