Slump in oil price hits WOR, page-35

WOR's ann this morning didn't help. Def feeling the pain of project postponement/cancellation which some analysts estimate at 200Billion worldwide. If POO stays down this will only grow. Yr end result will hopefully have a clear picture re redundancies and outlook.

From ASX.
SYDNEY--WorleyParsons Ltd. (WOR.AU) on Tuesday flagged a goodwill impairment of roughly 200 million Australian dollars (US$148 million), as the Australian services company grapples with a downturn in the country's resources industry.
WorleyParsons said it expected to write down roughly 10% of the value of its goodwill--a company's intangible assets, such as reputation and customer loyalty--but assured that the impairment would have no impact on its debt covenants.
WorleyParsons said it faced "ongoing challenging market conditions" as resources companies slash spending on existing operations and new projects in the face of weaker commodity prices.
Write to Rhiannon Hoyle at [email protected]
(END) Dow Jones Newswires
August 10, 2015 19:26 ET (23:26 GMT)