WorleyParsons
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| WorleyParsons Limited | |
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| Type | Public ASX:WOR |
| Founded | 1987, but dating back to 1971 |
| Headquarters | Perth, Australia |
| Key people | Mr Ron McNeilly (Chairman, Non Exec. Director) Mr John Grill (Executive Director, CEO) |
| Industry | Energy and Resources |
| Products | Engineering Services and Consulting |
| Revenue | AU$3,534.6m |
| Employees | 27,700 (Feb 2008) |
| Website | www.worleyparsons.com |
WorleyParsons Limited ASX:WOR is a large Australian provider of professional services to the energy, resource, and complex process industries. It is often cited as being Australia's largest engineering firm and is also one of the world's largest engineering design firms. In 2007, Engineering News-Record ranked the company as 6th in a list of the top 200 international design firms, based on revenue for design services performed on projects outside the firm’s home country. If rankings were to take into account total revenue for design services performed in their home country and abroad, WorleyParsons was placed 11th.
The company has a market capitalisation greater than AU$4 billion, and makes up 0.29% of the S&P/ASX 200 index (june 2008).
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[edit] History
WorleyParsons' roots were formed when Wholohan Grill and Partners, an Australian structural engineering consultancy, was formed in Sydney in 1971 with John Grill as the CEO. Worley was established in the USA in the 1960s and expanded to the Asia Pacific region in the 1970s. In 1987, Wholohan Grill and Partners purchased Worley Engineering (Australia) Pty Ltd, and the company changed its name to Worley. From that point, Worley grew steadily both geographically and in terms of industry sectors serviced. Geographic coverage extended first into South East Asia, then to North America, and finally to the Middle East. When listed on the Australian Stock Exchange (ASX) in November 2002, Worley had operating offices in 14 countries.
In 1944, Ralph M. Parsons started what is now the Parsons Corporation in Los Angeles. Parsons E&C operated as a wholly owned subsidiary of Parsons Corp. providing engineering, procurement, construction, construction management, and program management services to clients in the energy sector. At the beginning of 2002, Parsons Corporation separated Parsons E&C from the other business units by transferring its ownership from Parsons Corporation directly to the Parsons Employee Stock Ownership Program (ESOP), thereby establishing Parsons E&C as an independent entity and a sister company to, rather than subsidiary of, Parsons Corporation. Parsons E&C is widely recognized for its provision of high-quality project services to the Oil & Gas, Refining, Petrochemicals & Chemicals, and Power sectors globally, with excess of 5,400 personnel operating in 16 countries. In its 60 year history, Parsons E&C has designed, constructed, or managed the construction of more than 250 gas processing plants, 600 chemical and petrochemical facilities, and 370 power plants worldwide.
By July 2004, this had increased to 18 countries. A policy of diversification saw Worley grow from providing services in the Oil & Gas sector into Industrial & Infrastructure, Minerals Metals & Chemicals, and Power & Water.
On 15 November 2004, at the scheduled Annual General Meeting (AGM), Worley shareholders voted and passed a special resolution to change the name of the company to “WorleyParsons Limited”. WorleyParsons is listed on the ASX and is headquartered in Sydney with John Grill as its CEO.
In January 2007 WorleyParsons acquired 100% of Sea Engineering; with this acquisition Worley Parsons has added a greater capability in the hydrocarbon market.[1]
On February 7, 2007, WorleyParsons acquired the privately-held Colt Companies [2] based in Calgary, Alberta for A$1.13 billion (US$880 million) to gain increased access to Canada's oil sands industry. The president of Colt, Larry Benke, leads WorleyParsons Canada, reporting to WorleyParsons CEO John Grill.[3]
Also in 2007, WorleyParsons' Canadian division was named one of Canada's Top 100 Employers, as published in Maclean's magazine, one of only a handful of engineering firms to receive this honour.[4]
Later in 2007 WorleyParsons acquired North Sydney based Patterson Britton and Partners (PBP) [5] and Brisbane based John Wilson and Partners (JWP).[6] The two companies are regarded as two of the leading consultants in the water and environmental services market in Australia with specific capabilities in the coastal and marine, water resources and wastewater, environmental, civil and structural and power markets.
In April 2008, WorleyParsons announced the acquisition of INTEC Engineering, a leading international offshore deepwater Hydrocarbons engineering and project services company, from Heerema Group. INTEC Engineering provides engineering and project services to the offshore exploration & production and transportation sectors of the oil and gas industry with a particular focus on deepwater. Areas of technical expertise include offshore pipelines, marine production risers and terminals, flow assurance and operability, subsea production systems, and floating production systems for offshore field development.
[edit] Locations
WorleyParsons, at Jan 2008, had operations in 34 countries, for a total of 105 offices around the world. Some of the company's key offices have been set up to administer projects in the different geographical regions. These include Perth (Australasia), Kuala Lumpur (Asia), Abu Dhabi (Middle East), London and Sofia (Europe) and Houston (North America).
[edit] Business Operations
WorleyParsons provides services to the following Customer Sector Groups (CSG); Hydrocarbons (Upstream & Downstream), Minerals & Metals, Infrastructure and Power. The company's service capability covers the entire project lifecycle: from identifying the opportunity to the operating phase. At the heart of this project development cycle is an approach to fit-for-purpose design and delivering cost-effective solutions that incorporate the project life. Some of the company's major and notable projects for each CSG include:
[edit] Hydrocarbons Upstream
[edit] Umm Shaif
- Client: ADMA-OPCO
- With the aim to enhance oil production to 350,000 barrels per day, WorleyParsons completed a 200,000 manhour Front End Engineering Design (FEED) study in 12 months for this world class project. Involving five new platforms, 16 new pipelines and tie-ins to existing platforms, this project covers the full array of offshore capabilities. Individually, two of the decks will represent the largest “float over” operation in Middle Eastern waters and, collectively, the development represents the largest and most complex undertaken this year anywhere in the world.
[edit] Bayu Undan Gas Recycle Project
- Client: ConocoPhillips
- WorleyParsons’ initial responsibility was the completion of the feasibility study. Its role continued through the definition and execution phases and covered FEED, detailed engineering and procurement, engineering support for fabrication, installation, hook-up and commissioning. Project highlights include the world’s second largest open water deck floatover (14,000 tonnes) to date, a 10,500 tonnes gravity based steel substructure with no piling and a process facility that includes fractionation of the wellstream fluids into butane, propane and condensate for offshore export.
[edit] Hydrocarbons Downstream
[edit] Euro 2/3 Clean Fuels
- Client: BP
- WorleyParsons in association with BP and United Construction used new technology and innovative project processes to deliver a clean fuels project at a cost 30% better than World first quartile and on a schedule 25% better than first quartile, as assessed by IPA. The project was in line with the West Australian Government's newly introduced clean fuels regulations. This required that all diesel sold in the State must meet Euro 2 quality and all petrol must meet Euro 3 quality.
[edit] Jubail Chevron Phillips Project
- Client: Saudi Chevron Phillips Company
- The US$1 billion Jubail Chevron Phillips (JCP) petrochemical project at Al-Jubail, Saudi Arabia, adjacent to the company’s existing SCP petrochemical complex, produces styrene, propylene, and ethylbenzene as its final products. The complex also produces a by-product suitable for use as motor gasoline blend stock. Processing facilities include feed separation units (depentanizer, dehexanizer, and decolorizer), a pentane-fed ethylene unit, an ethylbenzene unit, and the world’s largest single-train styrene unit. Also included in this project are utilities and interim storage facilities at Al-Jubail, feedstock and product pipelines, port and dock facilities, in addition to a major expansion of the existing benzene facilities at SCP. WorleyParsons is performing the FEED services leading to program management as part of an integrated program management team.
[edit] Power
[edit] Elk Hills Power Project
- Client: Sempra Energy Resources/Occidental Energy Ventures
- WorleyParsons, in a joint venture with The Industrial Company, performed the engineering, procurement and construction management (EPCM) for the Elk Hills Power Project, a 500 MW (nominal) 2-on-1, combined cycle merchant plant.
[edit] UCLA Chilled Water and Cogeneration Facility
- Client: University of California, Los Angeles
- Following successful engineering design, procurement and construction services for the 20,900-ton chilled water and 44 MW cogeneration facility in 1993, WorleyParsons assumed complete responsibility through an on-site staff for O&M services of the facility under a five-year contract which was renewed in 1999 under a five-year extension agreement, and again in 2004.
[edit] Minerals & Metals
[edit] Pilbara Iron Ore and Infrastructure Project
- Client: Fortescue Metals Group
WorleyParsons undertook a Definitive Feasibility Study (DFS) for the FMG Iron Ore and Infrastructure Project which consisted of a new port, associated materials handling, 250km of rail and development of new mine sites.
[edit] Worsley Development Capital Projects
- Client: BHP Billiton
- In December 2003, WorleyParsons delivered a feasibility study to Worsley Alumina for the AUD300 million brownfield upgrade to their existing facility. To maintain project momentum the WorleyParsons team moved immediately into providing advanced engineering services until being awarded the full EPCM in April 2004. When completed the project will increase annual alumina production to 3.5 Mtpa. WorleyParsons has assembled an experienced project delivery team for the implementation phase of the project. At the end of the first quarter of 2006, the project team had achieved the significant project safety milestone of 1.6 million man-hours without a lost-time injury.
[edit] Comalco Alumina Refinery Formative Stages
- Client: Rio Aluminium
- The Comalco Alumina Refinery is the first new western greenfield refinery to be developed in more than 20 years and has set new benchmarks for the industry. The 1.4Mtpa AUD1.5 billion refinery is based on Weipa bauxite and is located in Gladstone, Australia. WorleyParsons’ engineers worked with Comalco’s business consultants to develop new processes for identifying and locking-in project solutions aligned to maximise return on capital, and then to implement these processes. WorleyParsons worked as part of an integrated team with Comalco, their business consultants, as well as technology and construction partners. Within this team, WorleyParsons provided leadership in refinery engineering.
- During project implementation WorleyParsons provided detailed engineering for the refinery “redside” as well as providing key senior process and engineering staff to the refinery “whiteside”. WorleyParsons also supported Comalco with other functional engineering roles within the integrated team as well as assisting during commissioning.
[edit] Infrastructure
[edit] Pilbara Iron Ore and Infrastructure Project
- Client: Fortescue Metals Group
- WorleyParsons completed the definitive feasibility study and FEED and has commenced EPCM delivery of the mine and port site ore handling infrastructure for this 45Mtpa Stage 1 iron ore project. The materials handling scope includes a mine truck dump pocket, crushing plant, stockpile areas, train loadout facility and all interconnecting conveyors, transfers and associated infrastructure, port and rail loop, train unloader, train unloading stockpiles, stackers and reclaimers, screening plant, blending stockyard, sampling facilities and shiploading wharf.
[edit] Perth Seawater Reverse Osmosis Desalination Plant
- Client: Multiplex Degremont Joint Venture (for the Water Corporation)
- WorleyParsons was selected as the engineering consultant by the Multiplex Degremont JV to initially develop the technical proposal and thereafter the detailed engineering for a 140 ML/d seawater reverse osmosis plant to produce potable water for Perth, Western Australia. The scope also incorporated seawater intake and brine outfall, pre-treatment, stabilisation, disinfection and treated water pumping. This plant is one of the largest seawater reverse osmosis plants in the world and provides 17% of Perth’s water demand.
[edit] References
- ^ "WorleyParsons buys SEA Engineering".
- ^ Colt Engineering Home Page
- ^ Angela Macdonald-Smith. "WorleyParsons to Buy Colt for A$1.13 Billion (Update3)", Bloomberg L.P., 2007-02-08. Retrieved on 2007-02-10.
- ^ Reasons for Selection, 2007 Canada's Top 100 Employers.
- ^ Patterson Britton and Partners.
- ^ WorleyParsons Acquires Australian Infrastructure Firms.
