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WORLEY LIMITED

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Oxy Low Carbon Ventures Selects Worley for Services Contract on Canadian Direct Air Capture to-Fuels Facility

11/08/2021 | 08:00am EDT

Oxy Low Carbon Ventures (OLCV) announced it awarded a services contract to Worley for a facility being designed to produce renewable fuels in British Columbia by capturing carbon dioxide from the atmosphere. Using Carbon Engineering?s Direct Air Capture and AIR TO FUELS? technologies, the facility is expected to produce up to 100 million litres (26.4 million gallons) of ultra-low carbon fuel annually for the local Canadian market. The DAC-to-fuels facility, to be developed by OLCV and Huron Clean Energy, is expected to be the first commercial-scale project of its kind. When built, the facility?s low-carbon fuels are expected to provide an important new option for hard-to-decarbonize industries, such as marine, air, rail and truck transportation. Transporters could choose these fuels as a method of dramatically reducing their fleets? carbon dioxide footprint without the need for vehicle modification. Worley will provide early front-end engineering and design (pre-FEED) services for the facility and will act as project integrator for the technology. Construction on the DAC-to-fuels project is scheduled to begin in 2023, with the facility anticipated to be operational by 2026. Upon completion of the pre-FEED, the project is expected to move into the FEED and then engineering, procurement, fabrication and construction phase.


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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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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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