Worley pulls out of Russia

Worley pulls out of Russia

© Worley







Australian listed engineering giant Worley will withdraw from Russia, as increasing numbers of businesses react to its invasion of Ukraine.

ASX-listed Worley announced on 10 March that it would pull out of the Russian market.

In a statement, the company said:

“We are deeply saddened by the events in Ukraine and support the strong response of the international business community withdrawing from Russia.”

Worley said it had already begun the “safe withdrawal” of its services provided in and into Russia, and confirmed the group would not enter into new Russian contracts.

It said its exposure from the exit is “not material” to its wider global business.

“Consistent with our purpose and values we prioritise the safety, health and well-being of our people, including those in Russia,” the company added.

Worley employs around 48,000 people worldwide, and has an office on Sakhalin Island, in Russia’s far east, which provides field services to the Sakhalin-1 and -2 gas projects on the island via a local joint venture.

The Russian subsidiary, ECC-VECO, employs more than 300 people working on Sakhalin Island and in the Khabarovsk region near Japan, according to its website.

Worley reported pre-tax profits of A$126 million (£67m) in its most recent