WORLEY LIMITED — Capital/Financing Update 2021

Feb 22, 2021

Level 17, 141 Walker Street North Sydney NSW 2060 Australia Telephone: +61 2 8923 6866 www.worley.com Worley Limited ABN 17 096 090 158

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23 February 2021

ASX release

WORLEY LIMITED (WORLEY)

(ASX: WOR)

1PointFive awards Worley FEED contract for direct air capture project

1PointFive Inc. (1PointFive) has awarded Worley a front end engineering design (FEED) contract for its first direct air capture (DAC) unit for its DAC facility to be constructed in the U.S. Permian Basin. 1PointFive is a joint venture between Oxy Low Carbon Ventures (a subsidiary of Occidental Petroleum Corporation) and Rusheen Capital.

The DAC facility will be the first commercial-scale development using Carbon Engineering Ltd’s DAC technology. The technology involves the removal of carbon dioxide (CO2) directly from the atmosphere. Each DAC unit has an expected design capacity to extract 1 million metric tons of atmospheric CO2 annually.

Upon completion of the FEED, 1PointFive and Worley expect to form an alliance and move into the engineering, procurement and construction phase for DAC 1 with plans for DACs 2 to 4 to follow. The FEED services will be led by Worley’s Houston office, with support from Worley’s Global Integrated Delivery team in India.

“We are delighted to have been awarded the FEED contract and we are looking forward to forming the alliance with 1PointFive. This direct air capture project is a starting point for the deployment of commercial-scale DAC to help companies meet CO2 emission reduction targets and aligns with Worley’s strategic focus of delivering a more sustainable world”, said Chris Ashton, Chief Executive Officer of Worley.

Authorized for release by Nuala O’Leary, Group Company Secretary.

For further information, please contact:

Veréna Preston Group Director Investor Relations Ph: +61 7 3239 7461 investor.relations@worley.com www.worley.com

About Worley: Worley is a global company headquartered in Australia and our purpose is delivering a more sustainable world. Worley is a leading global provider of professional project and asset services in the energy, chemicals and resources sectors. As a knowledge-based service provider, we use our knowledge and capabilities to support our customers to reduce their emissions and move towards a low carbon future.

Worley Limited is listed on the Australian Securities Exchange (ASX: WOR).

Addressing climate change requires removing CO 2 from the air

Immediate and significant deployment of CO2 removal infrastructure is needed to limit global warming to 1.5°C

All pathways that limit global warming to 1.5°C project the use of carbon dioxide removal (CDR) in the order of 100-1000 gigatonnes of CO2 over the 21[st] century. CDR would be used to compensate for residual emissions and, in most cases, achieve net-negative emissions to return global warming to 1.5°C following a peak.

Intergovernmental Panel on Climate Change (IPCC)

“It is forecast that the carbon removal industry will grow to the size of today’s oil & gas industry by 2050”

IPCC: net-zero emissions required by 2050 to limit global warming to 1.5°C ~50% of CO 2 reduction needs to come from the atmosphere

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45
40
35 Emissions
abatement
30
25
Abatement threshold (P4)
20
15 Atmospheric CO2
removal required to
10 achieve Net
Afforestation BECCS DAC+S Zero by 2050
5
0 1.5 ˚ C target
2010 2020 2030 2040 2050
/year
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Net gigatonnesof CO
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Swiss Re

DAC+S: Direct Air Capture + Sequestration BECCS: Bioenergy with Carbon Capture and Storage

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DAC+ sequestration – a technical solution for carbon removal Driving towards stabilizing the climate

Direct Air Capture (DAC)

• CO 2 in the atmosphere is very dilute, so direct air capture processes must

• contact large volumes of air cost-effectively

• DAC uses large fans to pull ambient air through contactors where CO2 binds to a liquid sorbent, which is further processed to precipitate the CO2 as a solid

• When heated, the solid state releases pure CO2 that is then captured, compressed into a liquid, and sequestered by injection into a geologic formation

Benefits of DAC+Sequestration (DAC+S)

• Geological sequestration storage

• Mechanical/chemical DAC process for capturing CO2 works faster than natural processes

• DAC+S is scalable, with few location restrictions and land-use efficiency

How DAC+S works

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Atmosphere
Air
Water
Zero emission
electricity
Natural gas
DAC
Pure CO
2 back
to geosphere
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• Through progressive commercialization, industrial scale DAC+S facilities are expected to become more cost effective

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