Ann: Investor Day 2017 presentation, page-113

Obviously WOR's fortunes are connected to the price of oil. WOR's peak activity included work on many huge projects esp offshore oil along with chemicals eg a phosphate fert plant in Saudi that cost over 5B! The dive in oil 3 yrs ago has seen work on new offshore platforms almost grind to a halt. These projects needoil above $90 before being reconsidered. Oil sand projects in Canada are being completed with new projects unlikely. Themassive boom in energy has been shale esp in Permian Basin. WOR must have some exposure but it doesn't seem substantial. Nobody (least of all me) can predict oil prices and all WOR can do is tender for what work eventuates.

Hence, WOR has looked to spread itself. The AFW acquisition gives WOR an entry into N.Sea oil via MMO. N.Sea oil prod has peaked and as it declines contracts to dismantle platforms will be something AFW will be suited.

I've held onto my shorts because i reckon SP is overvalued esp considering the sparsity of contracts announced by WOR. BP estimated fy18 EPS exceeds mine by 30%! We'll get a better idea re all things WOR on Monday.