WorleyParsons Cuts 2,000 Job on Falling Oil Prices; Shares Slump
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WorleyParsons Ltd., Australia’s largest oil services business, said second-half earnings will fall about 50 percent from the first half as it cuts 2,000 jobs and reduces work due to falling commodity prices.
There will be about A$125 million ($98 million) in one-time costs to pay for redundancies and cancel rental contracts early, in particular in North America, the Sydney-based engineer said Monday in a statement. The forecast drop would result in net income of about A$52 million, about 62 percent below the A$137 million median of three analyst estimates for the period compiled by Bloomberg.