Shares in Worley Ltd (ASX: WOR) are edging higher on Tuesday after the company announced a new contract tied to a major energy project in the Middle East.
At the time of writing, the Worley share price is up 1.90% to $13.39. That extends a solid start to the year, with the stock now up around 7% in 2026 as investors respond to fresh contract momentum.
By comparison, the S&P/ASX 200 Index (ASX: XJO) is up a modest 2% this year.
Let's take a closer look at what management updated the market with.
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What Worley announced today
In an ASX release, Worley said it has been selected by Samsung C&T Corporation to deliver detailed engineering services. The work relates to the QatarEnergy LNG Carbon Dioxide Sequestration Project in Qatar.
The project is designed to permanently store around 4.3 million metric tonnes of CO2 per year. Once operational, it will form a key part of Qatar's broader push to reduce greenhouse gas emissions linked to LNG production.
Under the agreement, Worley will provide detailed engineering services, building on its earlier front end engineering design work for the project. Execution will be led out of Worley's Qatar office, supported by its Global Integrated Delivery centre in India and additional teams in Australia.
Management described the award as a significant milestone and highlighted its growing credentials in carbon capture and storage.
Why Worley shares moved today
While no contract value was disclosed, the project is still an important win.
Carbon capture and sequestration is one of the fastest-growing areas of the energy transition. It is particularly important for LNG exporting nations looking to decarbonise existing assets without replacing them.
Securing follow-on work after front end engineering is also vital. It increases the likelihood of additional scopes as the project moves into later stages.
How this fits into Worley's long-term strategy
Worley continues to operate across both traditional energy and decarbonisation markets.
The group remains heavily exposed to LNG, oil and gas, and chemicals, while steadily increasing its footprint in carbon capture, hydrogen, and sustainability-related projects. This mix has supported earnings through volatile capital spending cycles across the resources sector.
What investors should watch next
Focus now shifts to the pace of revenue and cash flow conversion from new and existing projects.
Backlog trends, margin performance, and capital management will remain the key variables to monitor through the remainder of the year. Any updates around project execution or further contract awards will help shape expectations heading into upcoming results.
