WOR - results, page-15

Hi Utsstudent,
We all like to be positive about a stock we own, but Worley needs to be considered with some caution. Short term movements will be tied to the oil price, but they are shackled with high debt, terrible market conditions, and some dubious forward strategies.

With regards to their cost savings, I was just pointing out that they don't come for free and that there will be further so called "one off" costs. The long term sustainability of these savings is doubtful in my mind, but that is another topic.

There is a good chance of further right downs in goodwill in the full year results. I can assure you that the engineering services industry has not "turned the corner" at this point.

One good thing they mentioned in the announcement was that they were comfortably within banking covenants. This was a big concern for me.