TITLE

Australia's Worley Buys Parsons E&C

PUB. DATE
October 2004
SOURCE
ENR: Engineering News-Record;10/18/2004, Vol. 253 Issue 15, p17
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports about North Sydney, Australia-based Worley Group Ltd.'s decision to sign an agreement to acquire Parsons E&C Corp. for $245 million. The new unit, after approval by Worley shareholders will be known as WorleyParsons. The acquisition price is 6.9 times Parsons E&C's pro forma 2003 earnings. Worley is primarily an oil and gas services firm that offers a range of services similar to Houston-based Halliburton. The acquisition will allow Worley to expand its technical capabilities at a time of consolidation in the oil and gas industry. The acquisition will open a big new market in Asia for the power side of the company.
ACCESSION #
15939065

 

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