AUSTRALIA

WorleyParsons' Woodside win and courtroom woes

WORLEYPARSONS will provide engineering, procurement and construction management services to Woodside's North West Shelf project.

WorleyParsons' Woodside win and courtroom woes

The scope of the framework agreement will lead to WorleyParsons delivering brownfield engineering, procurement and construction management services for both onshore and offshore assets in the project.

WorleyParsons' Perth office will lead and execute the work.

"We are extremely pleased to provide a program that will help support Woodside-operated North West Shelf assets in the years to come," WorleyParsons CEO Andrew Wood said.

In other news for the company, class action law firm ACA Lawyers is pursuing it for damages related to a 6% crash in its share price in November last year.

According to the law firm, more than $US1.3 billion ($A1.4 billion) was wiped off WorleyParsons' market value following an earnings downgrade on November 20, 2013.

ACA is representing shareholders who acquired shares between August 14 and November 19, after WorleyParsons released its 2013 financial year report in August 2013, which provided guidance that earnings would increase in FY2014.

"In the legal proceedings shareholders will allege WorleyParsons had information by at least 14 August 2013 that deteriorating market conditions and project delays would materially impact its profitability in the financial year ending 30 June 2014," the company said in a statement.

"Despite this, WorleyParsons did not reveal these problems and their impact until

November 20, 2013."

Australia-based Litigation Lending Services is funding the proposed action in the Federal Court.

"The class action will allege that WorleyParsons shareholders suffered significant losses

after the company failed to comply with its continuous disclosure obligations and engaged in misleading and deceptive conduct," ACA Lawyers principal Craig Allsopp said.

Meanwhile, WorleyParsons has denied that the law firm has proper basis for its allegations.

"WorleyParsons notes the media announcement today by ACA Lawyers indicating the firm is conducting due diligence ahead of a possible action against the company," a company spokesperson said.

"Should ACA Lawyers ultimately decide to bring proceedings against it, WorleyParsons will defend them vigorously.

"The company denies there is a proper basis for a claim."

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