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Why the Worleyparsons Limited share price is zooming higher on a contract win

Shares in project advisory services company Worleyparsons Limited (ASX: WOR) were up 4% to $16.78 at the time of writing on the announcement of a contract win from Tallow Oil – for services in Tallow’s Kenyan oil field development.

WorleyParsons today announced it would provide front-end engineering design for the central processing facilities under the contract which would be led by its London office.

The project includes the development of the Ngamia and Amosing fields to produce a projected 60,000 barrels of oil per day with transport via a 900km export pipeline.

WorleyParsons was recently named by Morgan Stanley, alongside Woodside Petroleum Limited (ASX: WPL), Beach Energy Ltd (ASX: BPT) and FAR Ltd (ASX: FAR), as the companies most likely to gain upside from a rallying crude oil price.

Woodside shares were up 1.9% to $32.27 at the time of writing, with Beach up 3.4% to $1.63 and FAR also up 3.4% to 9c per share.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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