Worley (ASX:WOR) share price down on second contract win for the day

The Worley Ltd (ASX: WOR) share price is continuing to fall despite announcing its second contract win today. We take a closer look at the deal.

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Worley Ltd (ASX: WOR) shares can’t seem to catch a break today. The global engineering company’s shares are continuing to fall even after the announcement of a second contract win.

During mid-afternoon trade, the Worley share price is treading 1.98% lower to $10.64.

What’s with the Worley share price?

Investors appear unfazed by the company’s market updates today, sending Worley shares in negative territory.

In another statement to the ASX, Worley advised it has been awarded a front-end engineering design (FEED) services and cost estimate contract by Liquid Wind.

Established in 2017, Liquid Wind is a Swedish circular carbon energy company that aims to bring renewable methanol to market. The emerging group is seeking to meet the growing demand for cleaner fuel alternatives and reduce global carbon emissions.

Under the agreement, Worley will provide works on Liquid Wind’s renewable methanol facility in Ornskoldsvik, Northern Sweden.

Once completed, the plant is expected to generate around 50,000 tonnes of renewable methanol each year. The methanol is formed by by reacting carbon dioxide and green hydrogen together.

Worley noted that the cleaner fuel alternative is intended as a potential pathway to cut carbon emissions in marine transportation.

The project will be executed by Worley’s team in Sweden and the United Kingdom. Support will be on offer from its Global Integrated Delivery team in India.

Chris Ashton, CEO of Worley, hailed the contract win, saying:

We are pleased that Liquid Wind has chosen Worley to deliver this important project. We look forward to developing a strong and long-term relationship with Liquid Wind and supporting its renewable fuels goals, while also supporting Worley’s purpose in delivering a more sustainable world.

While Worley shares are down today, they are up 15% when compared against the broader energy sector over the 12 months.

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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