Ann: Qatar Shell Awards EPCM Contract for Pearl GTL, page-35

Another point of interest per 2015 FR I noted the American revenue was 4.9bn including procurement revenue which was over 50% of total group revenue.

With Trumponomics coming, company taxes are expected to be reduced by 20% basis points, over shoring is to be stopped, which is expected to increase GDP to 3%.

What should this means, well firstly a free kick from reduced taxes, remember saving lets say $50m in taxes is like winning a $1bn contract. Apply a PE ratio of say 14 then the helps market cap by $700 mn. Next you only assume that the tax cuts will have a multiplier effect across the US which should increase investment activities and some of this activity will fall within WOR lap.

As always this is all speculation but the bullish base case must now be creeping up on the bearish base case.

How much of this already in the SP?