BP and Worley Extend Collaboration With a Five-Year Agreement

Zacks Equity Research

24 January 2024 at 9:28 am·2-min read

BP plc, BP the U.K.-headquartered energy major, has entered into a new global framework agreement with Australian engineering company Worley. The newly inked five-year deal is set to provide engineering, procurement, and construction management (EPCM) services covering BP's global refinery assets and ventures into new energy initiatives.

According to Worley, the partnership will extend to strategic projects focused on green and blue hydrogen, lower-carbon fuels, and sustainable aviation fuels. The EPCM services will be executed by Worley's offices worldwide, leveraging support from globally integrated delivery teams. The collaboration aims to bring together the expertise of both companies to drive innovation and efficiency in the execution of projects across various regions.

Chris Ashton, chief executive officer of Worley, expressed enthusiasm about the strengthened partnership. He highlighted the significance of this collaboration in reinforcing longstanding relationship and its potential contribution to addressing BP's response to the evolving global energy demand.

In addition to this global agreement, Worley, in collaboration with Grand Isle Shipyard, has been actively engaged in providing engineering, procurement, fabrication and construction services to BP-operated offshore assets in the Gulf of Mexico since a five-year deal was concluded in September 2022.

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BP currently carries a Zack Rank #4 (Sell).

Some better-ranked stocks in the energy sector are Sunoco LP SUN, Oceaneering International, Inc. OII and Vaalco Energy, Inc. EGY, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow. Its distribution networks reflect a strong business with sustainable and predictable cash flow.

Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.

Vaalco Energy is an independent energy company involved in upstream operation business with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.

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