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WorleyParsons Completes Acquisition of Jacobs ECR Division; Adopts New Brand 'Worley'

WorleyParsons, April 29, 2019

On April 26, 2019, WorleyParsons officially completed its US$3.2 billion (A$4.55 billion) acquisition of Jacobs ECR. The new merged business is a pre-eminent global provider of professional project and asset services in energy, chemicals and resources employing 57,600 people across 51 countries. WorleyParsons has adopted ‘Worley’ as its new brand. The Company name will be changed to Worley Limited, subject to the approval of members at the AGM in October 2019.

Worley Parsons Aquisition

WorleyParsons’ CEO Andrew Wood said: “This merger is about more than capacity and capability. It’s about opportunity. The opportunity to become the partner of choice for our customers, the employer of choice for our people and to deliver enhanced returns for our shareholders.

Our new brand reflects our place at the forefront of the energy, chemicals and resources markets and our ability to support our customers through the global energy transition. We plan to embrace the heritage of both WorleyParsons and Jacobs ECR while looking firmly ahead to, what promises to be, an exciting future as one entity,” Wood added.

The operating structure announced in February of four business units, Advisian, Energy and Chemical Services, Mining, Minerals & Metals Services, and Major Projects and Integrated Solutions, is effective from completion. The transition process for combining the businesses into a cohesive, merged new company is underway following a period of extensive planning.

Cost synergies of approximately US$91.6million (A$130 million) at a cost of US$112.8 million (A$160 million) are anticipated to be delivered within two years. Further benefits will be achieved from optimization and revenue synergies.

The annual Investor Day will be hosted on 5 June 2019 where a more detailed update on the new company will be provided.

About WorleyParsons

WorleyParsons delivers projects, provides expertise in engineering, procurement and construction and offers a wide range of consulting and advisory services. We cover the full lifecycle, from creating new assets to sustaining and enhancing operating assets, in the power, hydrocarbons, mineral, metals, chemicals and infrastructure sectors. Our resources and energy are focused on responding to and meeting the needs of our customers over the long term and thereby creating value for our shareholders. For more info, visit 

 

 


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