WORLEY LIMITED — AGM Information 2013

Oct 24, 2013

Transfield Services Limited ABN 69 000 484 417

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ASX Statement

25 October 2013

Transfield Services continues company renewal

Transfield Services has announced an update on its process of renewal. The Company is holding its 2013 Annual General Meeting in Sydney today.

“We continue to execute against the strategic plan we outlined to the market at the beginning of this year,” said outgoing Chairman, Mr. Tony Shepherd. “We are doing what we said we would.”

“The Company has made fundamental changes to its risk management and tender assessment processes, aimed at increasing and protecting shareholder value . We have announced further initiatives since balance date including:

• The establishment of a joint venture to fund new coal seam gas drilling and work-over rigs

• In line with the strategy to sell non-core assets the Company has announced the sale of Transfield

• Services’ 50 per cent share in its Transfield Worley New Zealand joint venture to existing partner Worley Parsons for $30 million.

• Likewise, there is the pending sale of Transfield Services’ 49 per cent share in its Transfield Mannai

• facilities management business in Qatar to existing partner Mannai International. "

Mr Shepherd noted that "There is clear and strong market demand for additional gas drilling and servicing rigs. Debt held in the new JV will not be recorded in Transfield Services accounts and its current banking arrangements are not impacted.”

“The sale of our share in the Transfield Worley joint venture allows the Group to focus on Resources and Energy markets in Australia and the United States. Nevertheless, Transfield Services remains committed to its infrastructure clients in the New Zealand market. Ownership of the Middle East and Asia business is inconsistent with our current strategy which is to focus in those markets with the greatest growth potential".

In his final comments to shareholders as Chairman Mr Shepherd paid tribute to the work of new Managing Director and Chief Executive Graeme Hunt and his team.

“Graeme has developed and is implementing a sound strategy for the future with a focus on operational performance.I am confident that this strategy combined with restraint in capital spend, continuing overhead reduction and productivity improvement, will ensure the Company continues to grow and prosper.”

Mr Shepherd thanked and praised the Board for their support and diligence. He noted that the process of Board renewal continues and, as he advised three years ago, he will not be seeking re-election. The appointment of two new Independent Non-Executive Directors in Dean Pritchard and Kathy Hirschfeld (previously announced to the market) ensures the Board has the right mix of skills and experience.

The Company’s Chairman designate, Diane Smith-Gander said “I wish to thank Tony for his service to shareholders and his leadership of the Board, and wish him the best for the future.”

Transfield Services Limited ABN 69 000 484 417

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ASX Statement

Outlook

Notwithstanding the macro business environment which will limit revenue growth in FY14, Mr Shepherd confirmed the Company's previous advice that it expects NPAT pre amortisation in the range of $65 million to $70 million for FY 2014. This result will be assisted by the cost reductions implemented during FY13 and the Group’s strengthened focus on execution discipline.

Restructuring costs of $6.3 million pre-tax have been absorbed in this guidance which also assumes no further deterioration or significant improvement in the macro environment.

As further cost and operational improvements are implemented, and the business environment improves, the Group expects further earnings growth in FY15.

A fully copy of the Chairman address is available here.

Investor Enquiries	Media Enquiries
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Please call +61 2 9464 1000 for any contracting or employment enquiries

We employ more than 24,000 people across 20 industries and 11 countries. We are a global provider of operations, maintenance and construction services to the resources, energy, industrial, infrastructure, property and defence sectors. We deliver asset management services across all phases of the asset lifecycle, from concept and creation, to services that sustain, optimise and enhance our client’s assets. With diverse global experience and expertise, we share our knowledge and challenge thinking to develop and implement innovative solutions that deliver real value for our clients. Our unique approach enables us to deliver continuous improvements in asset performance and sustain long term relationships with our clients and partners. www.transfieldservices.com