Feb 24 (Reuters) - WorleyParsons Ltd WOR.AX :
* Media release - half year 2016 results WOR.AX
* Says trading conditions over the remainder of financial year 2016 are expected to remain challenging
* Says focus during 2016 is on four immediate priorities of reducing costs
* Says actions to deliver $120 million in annualized ongoing overhead savings are substantially complete
* Will continue to reduce overheads over the next 18 months, targeting a further $180 million in annual overhead savings
* Says Worleyparsons expects aggregated revenue for financial year 2016 to be relatively flat half on half
* Says underlying earnings are expected to be biased towards the second half
* Says gearing and the net debt to EBITDA ratios are expected to improve
* "Funds will reduce debt and improve the company's net debt to EBITDA ratio to between 1.5 to 2.0 times, and the gearing ratio to less than 30%"
* Source text for Eikon ID:nASXL7sNP