Formation of WorleyParsons Energy Services

Leading professional services company Worley Group Limited announced a new 50:50 joint venture in North America between Worley subsidiary, Worley International Inc and Parsons Energy & Chemicals Group Inc. The joint venture, to be called WorleyParsons Energy Services, will provide critical mass for Worley, substantially increasing the company's ability to supply a full range of services for major international oil and gas projects. The merger is unlikely to contribute materially to Worley's earnings in the 2003/2004 financial year.

WorleyParsons Energy Services combines the existing US upstream oil and gas, and pipeline services businesses of both Worley and Parsons Energy & Chemicals Group. The combined resources, technology and project management expertise of both companies will provide US clients with a comprehensive range of project delivery services for offshore and onshore energy-related developments.

WorleyParsons Energy Services, headquartered in Houston, will commence operations in December 2003 and will be led by Worley's US President Mr. Peter Brooks.

Commenting on the announcement, the Chief Executive Officer of Worley, Mr. John Grill, said "This merger will give us greater critical mass enabling us to bid for larger global oil and gas projects which are executed in North America. Worley has a strong track record in forming strategic relationships and accelerating growth by accessing complementary skills and geographic reach. This new joint venture will provide a strong basis to build a larger, sustainable business in the US over time."

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