Worley (ASX:WOR) share price dips despite new deals

The Worley Ltd (ASX: WOR) share price is in negative territory today despite being awarded new service agreements.

The Worley Ltd (ASX: WOR) share price has slipped into negative territory today. This comes after the company advised it has been awarded a number of new service agreements.

In late morning trade, the global engineering company's shares are down 0.5% to $12.42.

A male ASX investor wearing glasses and a beanie and denim shirt puts his hand to his chin wondering whether to buy ASX shares

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What did Worley announce?

The Worley share price has dipped lower today, despite announcing the positive news of winning new contracts.

In today's release, Worley advised that it's been awarded 4 master services agreements by subsidiaries of Cheniere Energy, Inc.

Based in Houston, Texas, Cheniere is an international energy company that is focused on producing liquefied natural gas (LNG). Commencing operations in 2016, the company has quickly become the second largest producer of LNG in the world.

The terms in detail

Under the agreements, Worley will provide engineering, procurement, construction and construction management services to Cheniere's LNG facilities in the United States. This includes delivering project services to Corpus Christi Liquefaction and Sabine Pass Liquefaction facilities, located in Texas and Louisiana, respectively.

The scope of work will be carried out by Worley's Houston office. In addition, the company's Global Integrated Delivery team in India will lend support where needed.

Worley highlighted that the new agreements complement the recent master services contract awarded for Cheniere's Corpus Christi site.

Comments from the CEO

Worley CEO Chris Ashton welcomed the service agreements, saying:

As a global professional services company with an extensive track record of sustaining and optimising LNG facilities globally, we are pleased that Cheniere has continued to engage Worley to provide expanded engineering and construction services to its Corpus Christi and Sabine Pass facilities.

These agreements support Cheniere in its strategy to deliver excellence in LNG, while supporting Worley's strategic focus on sustainability and delivering a more sustainable world.

About the Worley share price

Over the last 9 months, the Worley share price has been moving on a gradual upwards trajectory. Falling to as low as $4.63 in March, the company's shares have been on the road to recovery. This time last year, its shares were sitting at a 52-week high of $15.97.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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