Reinforcing this journalist's usually cynical frame of mind when it comes to the US and Iraq, the people who sign the cheques have also deemed it fit to award Halliburton with another contract for the reconstruction of oilfields in the south of Iraq, despite the fact it is currently under investigation for overcharging the government around $US120 million on a number of logistical and reconstruction jobs.

Worley said in a statement to the ASX the contract covered a full range of services, including extinguishing oil well fires; environmental assessments and cleanup at oil sites; oil infrastructure condition assessments; engineering design and construction necessary to restore the infrastructure to a safe operating condition; oilfield, pipeline and refinery maintenance; procurement and importation of fuel products; distribution of fuel products within Iraq; technical assistance in marketing and sale/export; and technical assistance and consulting services to the Iraqi oil companies.

Worley chief, John Grill, said "The contract award recognises Worley's capability in major project management and delivery. It also consolidates our position in the Middle East and is a major boost for our relationship with Parsons E&C and our evolving partnerships with local Iraqi firms. Our focus is now on mobilisation of resources and clarifying task requirements with the US Army Corps of Engineers."

The bonus for Worley is that all work will be done on a cost-plus basis which means it is guaranteed a profit as it bills the US Army for services and then add a fee on top of that.

After floating at $1.75 in November 2002, Worley's shares have risen as high as $3.59, closing at $3.05 on Friday, the day after after seeing the heaviest trading since November, with 843,000 sold. The stock opened at $3.50 today and dropped back to be trading at $3.30 at press time on turnover of 452,000 shares.