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BRIEF-Worley Gets Approval To Extend About $480 Mln Of Working Capital Facilities

Published 30/03/2020, 08:24 pm
© Reuters.

March 30 (Reuters) - Worley Ltd WOR.AX :

* REFINANCED A SIGNIFICANT PORTION OF WORKING CAPITAL FACILITIES EXPIRING IN FY2020

* RECEIVED BANK CREDIT APPROVAL TO EXTEND ABOUT $480 MILLION OF WORKING CAPITAL FACILITIES FOR 12 MONTHS

* WHILE IMPACTS OF COVID-19 PANDEMIC & OIL PRICE DECLINE ARE STILL EVOLVING, MANAGEMENT IS ACTIVELY TAKING MEASURES TO ALIGN COST BASE

* REVIEWING COST STRUCTURES, INCLUDING A REVIEW OF PROPERTY PORTFOLIO

* TOTAL LIQUIDITY OF $1.36 BILLION AS AT DEC. 31, 2019 & NO MATERIAL CHANGE TO LIQUIDITY POSITION AS AT 29 FEB

* MOBILIZED AN INTERNAL COVID-19 PANDEMIC TASKFORCE TO ACTIVELY IDENTIFY, ASSESS AND RESPOND TO CHALLENGES

* FREEZING RECRUITMENT UNLESS WORKING ON PROJECTS AND WHERE RESOURCES CANNOT BE OBTAINED FROM WITHIN WORLEY

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