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WORLEY LIMITED

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Drax Receives Worley Services Contract for the First Two Carbon Capture Units Power Station in North Yorkshire, UK

12/14/2021 | 05:32pm EDT

Drax Group has awarded Worley a services contract for the first two carbon capture units at its power station in North Yorkshire, UK. The two carbon capture units are expected to capture approximately eight million tonnes of carbon dioxide a year, strengthening Drax's purpose to enable a zero carbon, lower cost energy future. The carbon capture units will be integrated into two of the four existing biomass power generating units, which have a total capacity of 2,580 MW. The carbon capture units will incorporate Drax's negative- emissions technology known as Bioenergy with Carbon Capture and Storage (BECCS). BECCS combines renewable electricity generated from biomass and carbon capture storage to permanently remove carbon dioxide from the atmosphere. BECCS has been successfully piloted by Drax. Under the contract, Worley will provide front-end engineering and design (FEED) services for the project. The services will be executed by Worley's team in the UK. Upon final investment decision and selection by the UK's Department of Business, Energy and Industrial Strategy (BEIS) for the project to progress, Drax and Worley are expected to negotiate the subsequent detailed engineering and build phases of the project. This services contract follows the pre-FEED phase of the project which was recently completed by Worley. Worley's partnership with Drax is strategically significant and demonstrates how Worley is supporting customers adapt and decarbonize existing assets.


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Financials
Sales 2022 9 446 M 6 678 M 6 678 M
Net income 2022 240 M 169 M 169 M
Net Debt 2022 1 538 M 1 088 M 1 088 M
P/E ratio 2022 32,4x
Yield 2022 3,23%
Capitalization 7 738 M 5 470 M 5 470 M
EV / Sales 2022 0,98x
EV / Sales 2023 0,87x
Nbr of Employees 47 700
Free-Float 70,2%
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Technical analysis trends WORLEY LIMITED
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 14,75 AUD
Average target price 12,68 AUD
Spread / Average Target -14,0%
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Managers and Directors
Chris Ashton Chief Executive Officer, MD & Director
Charmaine Hopkins Executive Group Director-Finance
Tiernan Patrick O'Rourke Chief Financial Officer
John Michael Grill Chairman
Geeta Thakorlal Group Director-Information & Digital Delivery
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