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Worley confirms $300m sharemarket float

Confirming an EnergyReview.net exclusive almost two months ago, Sydney-based engineering outfit W...

The company said in a presentation to brokers and investors this week that the share offer - lead by investment bank UBS Warburg - will include plans to raise $18.7 million by selling new shares and the sale of 38.5 million shares owned by existing holder - almost entirely former and present employees. Total shares on issue will be 149.4 million.

The price institutions pay will be set through a bookbuild, with an indicative range of $1.75 to $2. Employees of the company will pay no more than $1.85.

Worley told the markets some $7.5 million of the share issue proceeds would go to Worley's share of an $87 million project to supply Western Power with electricity for the southwest town of Esperance.

One of Australia's leading private engineering businesses, Worley primarily focuses on the booming oil and gas industry, including upstream operations and refining as well as the chemicals industry.

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