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2021

Half year results

Chris Ashton, Chief Executive Officer

Worley Half Year Results 2021

worley.com

Disclaimer

The information in this presentation about Worley Limited and the entities it controls (Group) and its activities is current as at 23 February 2021 and should be read in conjunction with the Company’s Appendix 4D and Interim Financial Report for the half year ended 31 December 2020. It is in summary form and is not necessarily complete. The financial information contained in the Interim Report for the half year ended 31 December 2020 has been reviewed, but not audited, by the Group's external auditors.

This presentation contains forward looking statements. These forward looking statements should not be relied upon as a representation or warranty, express or implied, as to future matters. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties, contingencies and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. The Group undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date of the release of this presentation, subject to disclosure requirements applicable to the Group.

Nothing in this presentation should be construed as either an offer to sell or solicitation of an offer to buy or sell Worley Limited securities in any jurisdiction. The information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account your financial objectives, situation or needs. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision.

No representation or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted from this presentation is disclaimed.

This presentation may include non-IFRS financial information. The non-IFRS financial information is unaudited and has not been reviewed by the Group’s external auditors. NonIFRS financial information should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.

Worley Half Year Results 2021

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

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Agenda

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1 2 3
Half year 2021 summary Market update Half year results 2021
Chris Ashton Chris Ashton Tom Honan
4 5
Outlook Q&A
Chris Ashton
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Worley Half Year Results 2021

Protecting our people

The safety and well-being of our people through the COVID-19 pandemic remains our priority
We continue to provide a safe work environment for our office and fieldbased people

Industry leading health and safety performance

TRCFR H1 FY21 SCFR H1 FY21 0.15 0.07 (FY20: 0.16) (FY20: 0.06) TRCFR: Total SCFR: Serious case recordable case frequency rate frequency rate

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4
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Worley Half Year Results 2021
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Half year results 2021 summary

$4,498m

Aggregated revenue vs $5,998m in H1 FY20

$281m

Underlying operating cash flow vs $361m in H1 FY20

$350m[1]

Operational savings target increased $286m[1] already delivered

25c per share

Dividend paid

$207m Underlying EBITA vs $366m in H1 FY20

1.8x

Leverage

vs 1.8x at Jun 2020

$190m[1]

ECR acquisition cost synergy target $181m[1] already delivered

18%

Energy transition and circular economy proportion of factored sales pipeline[2] vs 11% in Nov 2020

Delivering cash through challenging environment

Global economic circumstances including the COVID-19 pandemic have impacted our customers, particularly demand in their end markets

Business set up for the future

We have continued to actively manage what’s in our control:

Generating strong operating cash flow
On track to achieve our ECR acquisition cost synergy program
Increased operational savings program target

Delivering a more sustainable world

Sustainability[3] represents a sizeable portion of our revenue at around 30%

Energy transition and circular economy opportunities increased from 11% to 18% of total factored sales pipeline[2]

1. Annualized savings

Factored for likelihood of project proceeding and award to Worley
Refer to page 25 for our sustainability domain

Worley Half Year Results 2021

Refer to pages 46 and 47 for the Statutory Statement of Financial Performance and Reconciliation of statutory to underlying results

Worley Half Year Results 2021 6

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Drivers of EBITA change
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The following pages explain the key drivers of EBITA reduction from H2 FY20
EBITA Net business decline: Volume reduction: Business mix: EBITA
difference in EBITA after EBITA impact of impact of proportional
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change in revenue type
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Key drivers for EBITA change from H2 FY20

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600
500 91
18
400
279
300
$109m benefit in H1 FY21
200 377 from cost savings programs
100 207
-
H2 FY20 EBITA Net benefit from ECR Net benefit from operational Net business decline H1 FY21 EBITA
acquisition cost synergies savings
$m
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Net business decline of $279m driven by global economic circumstances including the COVID-19 pandemic
Volume reductions and business mix are the key drivers of net business decline
Project deferrals and site access restrictions have led to a reduction in volume[1] . Customer discussions indicate deferred projects are likely to return as global economic circumstances improve
Business mix[1] has changed due to increased proportion of lowermargin construction work
Total cost saving benefit of $109m has partially off-set business decline[2]

Refer to page 9 for volume reduction details and page 10 for business mix details 2. Refer to page 63 for operational savings and ECR cost acquisition synergy detail

Worley Half Year Results 2021

Key drivers of net business decline from H2 FY20

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Drivers of H1 FY21 net business decline ($m)
9
29
101
279
107
33
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Key drivers of net business decline were volume reduction and change in business mix
Relative improvement of AUD compared to USD, CAD and GBP resulted in $33m foreign exchange translation impact to underlying EBITA
Rate and price changes did not have a material impact on EBITA

FX translation Volume Business mix H1/H2 phasing Other factors Net business decline

Worley Half Year Results 2021

Key drivers of volume reductions from H2 FY20

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Revenue change in H1 FY21
6,000
339
323
5,000 157 68
4,000
3,000
5,251
4,498
2,000
1,000
-
H2 FY20 FX translation Americas EMEA APAC H1 FY21
aggregated revenue aggregated revenue
$m
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Professional services revenue was impacted in all regions by project deferrals as a result of global economic circumstances including the COVID-19 pandemic, particularly in the Americas
Construction and fabrication revenue impacted primarily by site access restrictions in the US

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Revenue change impact on EBITA ($m)
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16
42
107
81
Americas EMEA APAC Volume impact
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Customer discussions indicate deferred projects are likely to return as global economic circumstances improve

Worley Half Year Results 2021

Key drivers of business mix change from H2 FY20

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H2 FY20 revenue [1] by type H1 FY21 revenue [1] by type
25%
29%
75% 71%
Professional services
Construction and fabrication
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Increased proportion of lower-margin construction and fabrication revenue, which is historically less variable in periods of downturn
Fabrication business in Norway had a strong performance, however at lower margin compared to the prior period due to the type of projects
Professional services revenue expected to return to previous proportion as global economic circumstances improve
Rate and price changes did not have a material impact on EBITA
Aggregated revenue excluding procurement at margin

Worley Half Year Results 2021

Worley Half Year Results 2021 11

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Drivers of backlog change
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The following pages explain the key drivers of backlog reduction
Backlog: the value of Sales pipeline: the value New awards and Economic impact on
work already awarded of known opportunities contract renewals long-term contracts:
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to the Group multi-year framework
project proceeding and agreements, MSAs and
award to Worley O&M contracts
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Backlog impacted by project and award deferrals Factored sales opportunities are increasing

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For long-term contracts, the current
run-rate is applied over a 36-month
1.2 0.1 period under our backlog definition
1.2
4.5
16.8
3.7
13.5
Jun-20 FX translation Project Backlog New awards & Economic Dec-20
impact cancellations delivered contract impact on long-
renewals term contracts
12-month factored sales pipeline [2] trend
Americas EMEA APAC
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21
$b
Revenue
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Refer page 76 for detailed backlog definition
Factored for likelihood of project proceeding and award to Worley

Backlog[1]

Global economic circumstances including the COVID-19 pandemic has driven deferral of project awards
Impact of revaluation of long-term contracts and FX translation account for almost 75% of backlog reduction
Our long-term contracts remain in place
Customer discussions indicate deferred projects and activity levels on long-term contracts are likely to return as global economic circumstances improve
Minimal project cancellations in our backlog

Sales pipeline

12-month factored sales pipeline[2] is increasing which includes the acceleration of sustainability[3] opportunities
Refer to page 25 for our sustainability domain

Worley Half Year Results 2021

Backlog: new awards and contract renewals

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New expected award date for opportunities deferred from H1 FY21
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
Revenue
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This chart represents around 85% of opportunities deferred from H1 FY21

Substantial numbers of awards were deferred from H1 FY21 because of global economic circumstances including the COVID-19 pandemic. This has impacted the value of new awards and contract renewals
Majority of awards deferred in H1 FY21 expected to be awarded in calendar year 2021
Majority of deferrals in the Americas, driven by projects in Upstream & Midstream and Refining & Chemicals
We have seen minimal project cancellations
Independent third-party commentary indicates a V-shaped recovery and increased capex announcements in 2021 are expected in the Chemicals industry. Chemicals represents around 25% of our revenue

Worley Half Year Results 2021

Backlog: economic impact on long-term contracts

Economic impact on long-term contracts reduced backlog by $1.2b in H1 FY21
For long-term contracts, the current activity level run-rate is applied over a 36-month period under our backlog definition[1]

60+ Long-term contracts awarded, renewed or extended in H1 FY21

Site access restrictions and project deferrals impacting current activity level on long-term contracts
Revaluations primarily in US Upstream & Midstream and Canada Refining & Chemicals, particularly field and fabrication services
Our long-term contracts remain in place and we continue to be awarded new contracts
Customer discussions indicate deferred projects and activity levels on long-term contracts are likely to return as economic circumstances improve

Worley Half Year Results 2021

Refer page 76 for detailed backlog definition

Worley Half Year Results 2021 15

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1PointFive
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• •
FEED phase of first DAC unit for facility in the US 1PointFive and Worley expect to form an alliance and
Permian Basin—DAC 1 move into EPC phase for DAC 1 with plans for DAC 2 to 4
to follow
•
1PointFive is a joint venture between Oxy Low Carbon
•
Recent award not included in 31 December 2020 backlog
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Corporation) and Rusheen Capital
•
The technology involves the removal of CO2 directly from
the atmosphere. Each DAC unit has an expected design
capacity to extract one million metric tons of
atmospheric CO2 annually
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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-zero by
Afforestation BECCS DAC+S 2050
5
0 1.5 ˚ C target
2010 2020 2030 2040 2050
/year
2
Net gigatonnesof CO
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Swiss Re

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

Worley Half Year Results 2021

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 CO 2 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

Worley Half Year Results 2021

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Business set up for the future
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future. We have delivered a total of $125m annualized savings from our cost savings
programs in H1 FY21 which will flow into H2 FY21 and beyond.
Operational savings: cost savings ECR acquisition cost synergies: Balance sheet
program to accelerate our cost savings program identified as
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transformation, including part of the integration of ECR
discretionary spend, property
rationalization, shared services and
business restructure
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Worley Half Year Results 2021 18

Cost savings programs

Operational savings

Cost savings program to accelerate our transformation

Annualized savings target: $350m by June 2022

Total annualized savings delivered: $286m H1 FY21 annualized savings delivered: $121m H1 FY21 in-period savings: $44m

ECR acquisition cost synergies

Cost savings program identified as part of integration of ECR acquisition

Annualized savings target: $190m by April 2021

Total annualized savings delivered: $181m H1 FY21 annualized savings delivered: $4m H1 FY21 in-period savings: $2m

We have delivered a total of $125m annualized savings from our programs in H1 FY21 which will flow into H2 FY21 and beyond

Worley Half Year Results 2021

Operational savings target increased to $350m[1]

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Operational savings delivery ($m)
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Target increased to $350m[1] by 30 June 2022 from $275m[1] by December 2021

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Savings delivered
In-period savings carried into run rate
64
Savings total
Savings to be delivered
121
44
350
165 286
36
FY20 actions in FY20 actions H1 FY21 H1 FY21 Dec 2020 exit Run rate June 2022 exit
period run rate actions in actions run rate run rate actions to June run rate target
period 2022 (new)
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$121m[1] savings delivered in H1 FY21 which will flow into H2 FY21 and beyond
$44m in-period savings in H1 FY21
Total of $286m[1] savings delivered to date
Original target exceeded one year ahead of schedule
Refer to page 63 for in-year financial impact
Annualized savings

Worley Half Year Results 2021

Operational savings progress

Four categories of approximate equal size
Operational savings target increased to $350m[1] due to increased proportion of shared services
Shared services linked to go-live of integrated backoffice systems. Detailed planning completed enabling target increase
Discretionary spend and business restructure complete
Property rationalization on track, focused on high-cost locations
Costs to deliver remains unchanged from the original target

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Property
Discretionary
rationalization
spend
Approx. 75% complete
Complete

Shared services Business
Detailed planning restructure
complete Complete 
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Annualized savings

Worley Half Year Results 2021

Final ECR acquisition cost synergies to be delivered by April 2021

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2
ECR acquisition cost synergy delivery ($m) 4 9
Savings delivered
In-period savings carried into run rate 78
Savings total
Savings to be delivered In line with
expectations for
23 final integrated
back-office
system activities 181 190
56
14
43
6
FY19 FY19 FY20 H1 FY20 H1 FY20 H2 FY20 H2 FY21 H1 FY21 H1 Dec 2020 Run rate April 2021
actions in actions run actions in actions run actions in actions run actions in actions run exit run rate actions to exit run rate
period rate period rate period rate period rate April 2021
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$4m[1] savings delivered in H1 FY21 which will flow into H2 FY21 and beyond
$2m in-period savings in H1 FY21
Original target of $130m[1] will be exceeded by $60m[1]
Final savings related to IT and Finance on track to be delivered by April 2021
Refer to page 63 for in-year financial impact
Annualized savings

Worley Half Year Results 2021

Cash flow, net debt and balance sheet Continuing focus

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Statutory operating cash flow
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500
400
300 ECR
acquisition
200
100
-
HY18 HY19 HY20 HY21
Net debt [1]
1,800
1,600
1,400
1,200 ECR
1,000 acquisition
800
600
400
HY18 FY18 HY19 FY19 HY20 FY20 HY21
$m
$m
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Gearing ratio [1]
30%
ECR
25%
acquisition
20%
Gearing ratio = net debt/net debt + equity
15%
HY18 FY18 HY19 FY19 HY20 FY20 HY21
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Leverage ratio[1]

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2.5
2.3
ECR
2.1 acquisition
1.9
1.7
1.5
HY18 FY18 HY19 FY19 HY20 FY20 HY21
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Net debt and gearing ratio are calculated excluding lease liabilities. Leverage ratio is defined as net debt to earnings before interest, tax, depreciation and amortization as defined for debt covenant calculations

Worley Half Year Results 2021

Worley Half Year Results 2021 24

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Our sustainability pivot provides the
structural framework for growth
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Sustainability as defined by $1.2b revenue in H1 FY21 Energy transition and circular
our sustainability domain [1] economy opportunities
increased from 11% to 18% of
[2]
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Delivering a more sustainable world
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Our sustainability domain

Energy Transition Low-carbon hydrogen, CCUS, gas, electrification, transition materials, nuclear, solar, offshore wind, DES

Circular Economy Waste to energy, bio-based products such as renewable fuel, plastics recovery

Restoration Decommissioning, contaminated land management, soil & groundwater remediation Sustainable ECR[1] Infrastructure Climate change resilience, geohazard management, materials sustainability Water Stewardship Water treatment, waste water management, flood risk management, supply & security

Environmental Management Air quality management, approvals & compliance, due diligence, incident management

Social Value Indigenous participation, heritage protection, stakeholder engagement, public safety

UN Sustainable Development Goals (SDGs)

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Energy, Chemicals and Resources

Worley Half Year Results 2021

Sustainability related investment is increasing across all our sectors

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ExxonMobil has launched a new Low Carbon Solutions business which will initially focus on advancing plans for over 20 new CCS opportunities

“ExxonMobil is committed to meeting the demand for affordable energy while reducing emissions and managing the risks of climate change,” – Darren Woods, ExxonMobil CEO

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BASF and Siemens Energy have partnered to accelerate commercial implementation of new technologies designed to lower greenhouse gas emissions

“BASF is in a leading position in the chemical industry and is a pioneer in the area of innovation for climatecompatible production of chemicals,” - Dr. Christian Bruch, Siemens Energy AG CEO

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BHP has signed a MOU with Japanese steel producer JFE Steel, to study technologies and pathways to reduce greenhouse gas emissions from the integrated steelmaking process. BHP’s investment will be funded under its US$400m Climate Investment Program.

“This partnership with JFE demonstrates a joint commitment to make our activities more sustainable through collaboration and technological improvement,” - Vandita Pant, BHP CCO

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Occidental subsidiary Oxy Lower Carbon Ventures has formed a development company 1PointFive with Rusheen Capital Management to finance and deploy large-scale Direct Air Capture technology.

"The formation of 1PointFive is a significant catalyst that will advance our plans to build the world’s largest-scale DAC facility to remove substantial volumes of carbon dioxide emissions from the atmosphere," - Richard Jackson, Oxy Low Carbon Ventures President

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INEOS and Hyundai have signed a MOU to explore new opportunities to accelerate the global hydrogen economy. Both companies will initially seek to facilitate public and private sector projects focused on the development of a hydrogen value chain in Europe.

“Evaluating new production processes, technology and applications, combined with our existing capabilities puts us in a unique position to meet emerging demand for affordable, low-carbon energy sources…” Peter Williams, Technology Director INEOS

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AngloAmerican have a target to achieve carbon neutrality by 2040. Decarbonization pathways include improving efficiency, investing in innovation, switching to renewables, transition the portfolio and balancing residual emissions.

”While our environmental goals will rely on many of the technologies we are deploying, we are also thinking innovatively to create regional ecosystems of sustainable economic activity, collaborating with appropriate development partners,” Mark Cutifani, AngloAmerican CEO

Worley Half Year Results 2021

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Delivering sustainable outcomes for customers
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Energy Transition

Circular Economy

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Track record of 2400+ Energy Transition projects
Designing world’s largest
Supporting the world’s Developing a game changing Supporting two US states’
renewable fuel refinery
largest green hydrogen carbon capture process scheme ambitious clean energy
conversion
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carbon industrial cluster and installation of an
offshore wind farm
70+ 200+ 700+ 133+
Wind power projects Renewable fuels & waste-to-
Low-carbon hydrogen CCUS projects
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Worley Half Year Results 2021

Sustainability is a growing part of our business

Sustainability[1] represents around 30% of H1 FY21 aggregated revenue, similar to FY2020
Energy transition and circular economy opportunities increased from 11% to 18% of total factored sales pipeline[2]
Sustainability[1] project awards increasing in volume and scale
Around 50% of sales opportunities have award date within 12 months
Gas and LNG revenue and future pipeline impacted by project deferrals as a result of global economic circumstances including the COVID-19 pandemic
Aligned with our purpose - “delivering a more sustainable world”

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Energy transition and circular economy Environment, social and water
Excluding gas and LNG 5% 4.5%
3.7% 3.7%
20% 18% 4% 3.5%
15% 11% 3%
10% 2%
3% 4%
5% 1%
0%
0%
FY2020 HY2021 Factored 2 Factored 2 FY2020 HY2021 Factored 2 Factored 2
revenue revenue sales pipeline sales pipeline
revenue revenue sales pipeline sales pipeline
Nov-20 Jan-21
Nov-20 Jan-21
Transition materials Gas and LNG
4% 3% 3% 25% 23% 21% 20%
18%
3% 20%
2% 2%
15%
2%
10%
1%
5%
0% 0%
FY2020 HY2021 Factored 2 Factored 2 FY2020 HY2021 Factored 2 Factored 2
revenue revenue sales pipeline sales pipeline revenue revenue sales pipeline sales pipeline
Nov-20 Jan-21 Nov-20 Jan-21
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Refer to page 25 for our sustainability domain

Worley Half Year Results 2021

Factored for likelihood of project proceeding and award to Worley

Sustainability project complexity drives gross margin

Our target sustainability[1] projects are technically complex with a similar risk profile to historical services – not lump sum turn-key
Sustainability[1] opportunities in our factored sales pipeline[2] have a more favorable gross margin percentage compared to our historical services
Margin differences are mostly due to type of work performed rather than the link to sustainability
Sustainability[1] projects provide opportunities for alternative commercial models, particularly with emerging customers

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Factored sales pipeline revenue [2] (proportion of total)
25%
20%
15%
10%
5%
0%
Energy transition and Environment, social and Transition materials Gas and LNG
circular economy water
Factored sales pipeline gross margin [2]
All other Energy,
Chemicals and Resources
services factored sales
pipeline gross margin %
Energy transition and Environment, social and Transition materials Gas and LNG
circular economy water
Gross margin (%)
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Refer to page 25 for our sustainability domain 2. Factored for likelihood of project proceeding and award to Worley, January 2021

Worley Half Year Results 2021

Worley Half Year Results 2021 30

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ESG leaders
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“Worley continues to Sector leader as
AAA rating by MSCI for
demonstrate leading assessed by ACSI
fifth consecutive year
ESG performance”
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- MSCI
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through strategic action
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sustainability challenges:
Our biggest contribution is in the work we do for our
Aligned with Paris Agreement and UN Sustainable
customers
Development Goals
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• Our top 20 customers across all our sectors:
Committed to net-zero Scope 1 and 2 emissions by 2030
•
• 70% have publicly stated emissions reduction targets
Identifying material Scope 3 emissions, reduction targets
and road map to achieve these •
100% are investing in decarbonization
•
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Worley Half Year Results 2021

Worley Half Year Results 2021 32

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Our people and communities
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communities where we operate:
Approach based on our ‘Life’ Global Diversity and Inclusion The Worley Foundation provides
framework that supports all our Council working with our People positive social and environmental
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people and their families Network Groups and business contributions via financial support
leaders to deepen our focus on and skilled volunteering. We are
creating a safe place to work supporting STEM initiatives,
where people can be their best environmental projects and
disadvantaged communities
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Worley Half Year Results 2021 33

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Operating responsibly
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in place to reinforce a culture of acting lawfully, ethically and responsibly.
Responsible Business Assessment Ethical Supply Chain and Modern Our Data Protection Office
to ensure all customers and Slavery Statement in place with a governs compliance of our cyber
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projects meet criteria for supply chain risk assessment and
protection requirements as
responsible business practices due diligence process
specified in Australia, Europe, the
US as well as other jurisdictions
in which we work
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Market update
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Upstream and Power Refining and Chemicals Mining, Minerals and
Midstream Metals
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Worley Half Year Results 2021

Upstream and Midstream Leading indicator: FID activity is expected to recover this year

Sector outlook

Investment in oil and gas required to meet demand under SDS

Continued investment is required in oil and gas to meet future demand under the IEA’s Sustainable Development Scenario (SDS) and Net Zero Emissions by 2050 scenario
Demand for LNG is expected to grow faster than supply due to the role of gas as a lower-carbon fossil fuel, supporting long-term investment
ESG investing is gaining increased importance in the oil and gas industry

Worley near term themes

Project sanctioning activity is expected to grow in 2021, returning close to 2016-2017 level however still below levels seen in 2019
Investment is forecast to grow by a CAGR of 8% through to 2023
2020 saw an increasing number of net-zero commitments from major oil and gas producers around the world, leading to the need for investment

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120
Supply with investment
90 in existing fields
60 Supply with no new
investment
30
SDS demand
0
2010 2020 2030 2040 2010 2020 2030 2040
Oil Gas
Source: IEA, World Energy Outlook 2020 (Mmboe/d is million barrels of oil equivalent per day)
Capex and opex oil and gas investmentby region [2]
900
600
EMEA
Americas
300
APAC
0
2020 2021 2022 2023 2024 2025
1
Mmboe/d
USD b
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Source: Rystad Energy, ServiceDemandCube (February 2021) (EMEA includes Russia and Central Asia)

Worley Half Year Results 2021

PROJECT CASE STUDIES

Upstream and Midstream

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Digitalization and innovation Leveraging automation and the use of digital products

Worley has been awarded a global contract for early phase engineering services by Chevron.

Under the contract, Worley will provide early phase engineering services to Chevron’s global upstream and downstream projects, both onshore and offshore, over a five-year period.

The services utilize Worley’s proprietary digital design and optimization tool, SeleXpress.

This is in line with Worley’s transformation strategy to leverage automation and the use of digital products and technology platforms in delivering a more sustainable world.

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Full asset lifecycle support Building on our long-standing relationship in the North Sea

Over 200 people, including the onshore and offshore teams, provide EPC services for the Golden Eagle, Scott and Buzzard platforms from FEED through to commissioning.

Worley completed construction of the greenfield module for the Buzzard Phase II development earlier this year. Weighing 474-tonnes, it will be installed on the south west corner of the Buzzard ‘P’ platform.

The module was designed and engineered by Worley’s project team in Aberdeen, UK, and subsequently constructed by Rosenberg Worley at our fabrication facility in Stavanger (Hundvåg), Norway.

With our strategic focus on sustainability, this work includes the evaluation of alternate energy sources, building further on our capabilities in the North Sea.

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Focus on clean energy Playing a key role in the supply of a cleaner, lower carbon energy

Multiple master services agreements to provide engineering, procurement, construction and construction management services to Cheniere’s US Gulf Coast-based liquefied natural gas (LNG) facilities.

Under the agreements, Worley will provide project delivery services to Cheniere’s Corpus Christi Liquefaction and Sabine Pass Liquefaction facilities in Texas and Louisiana respectively.

The services awarded include sustaining capital, optimization and greenhouse gas emissions reduction projects.

The agreements further build on Worley’s recent master construction services agreement announced on 7 August 2020 for Cheniere’s Corpus Christi site.

Worley Half Year Results 2021

Power Energy transition driving industry change

Sector outlook

Renewable-related capex spend stayed steady through the pandemic with major companies increasing their capex forecasts going forward
Many governments have announced decarbonization strategies which will drive continued investment
Renewable energy investment in 2021 is expected to surpass oil and gas for the first time in history, accounting for about 25% of total energy capital expenditure worldwide[1]
Offshore wind and green hydrogen investment continues to be strong, supported by large renewables players, IOCs and governments
Large uptake of renewable generation will require significant investment in transmission and distribution infrastructure as grids become more de-centralized

Worley near term themes

Worley’s solar and wind opportunity pipeline increased 25% since November 2020
Green hydrogen projects are quickly moving from pilot to industrial scale applications in Europe following EU commitments

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USD2-3b

35 GW

20 GW

annual investments

installed energy capacity

Shell plans to invest ~USD 2b or more per year on power and low carbon businesses between 2021 - 2025

BP says it will invest in and build Total is targeting renewable renewable capacity of 20 GW by capacity of 35 GW by 2025 2025, and 50 GW by 2030

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DKK200b

€68b

$1b investment to 2023

investment out to 2025

investment to 2025

Iberdrola has announced 51% of Ørsted expects to invest DKK200b
organic growth investment will go in green energy, with 75-85% to renewables and 40% to allocated to offshore wind networks
Fortescue aims to build 235 GW of renewable installed energy capacity, committing to $1b investment out to 2023

Offshore wind annual investment, new capacity

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$60
$40
$20
$0
2020 2021 2022 2023 2024 2025
Source: BloombergNEF, excludes China
USD b (real 2019)
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Worley Half Year Results 2021

Goldman Sachs

PROJECT CASE STUDIES

Power

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Carbon Capture and Storage Creating a carbon-negative power station

Worley has been awarded a contract to provide the early front-end engineering and design (pre-FEED) for the first two carbon capture units at Drax Group’s power station in North Yorkshire, UK.

Each unit is expected to capture approximately 4m tonnes of carbon dioxide a year.

This project could result in the power station becoming carbon-negative and contribute to Humber’s ambition to become the UK’s first zero-carbon industrial cluster. It also has the potential to inspire future decarbonization projects from adjacent industries.

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Green hydrogen for the Amsterdam metropolitan area Scaling-up production

We are working closely with Nouryon on the feasibility study of a green hydrogen development, ultimately helping to increase hydrogen production for a more sustainable Netherlands.

The green hydrogen produced will be used by neighbors in the Amsterdam port to decarbonize the steel production process and as a renewable feedstock for biofuel production. The availability of green hydrogen is an important factor in establishing a business in the port, while existing companies can also become more sustainable.

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Green hydrogen from offshore wind in the UK Collaborating across sectors to decarbonize

Worley is supporting Gigastack consortium member Phillips 66 by performing the engineering for a 100MWe green hydrogen plant in the UK, using expertise from our Phillips 66 Portfolio and Industrial Water teams. The Gigastack project, led by ITM Power, Ørsted, Phillips 66 Limited and Element Energy, will show how green hydrogen derived from offshore wind can support the UK’s 2050 net-zero greenhouse gas emission target.

For this project, we are designing the infrastructure and balance of plant to integrate the green electricity supply from Ørsted’s Hornsea 2 windfarm with ITM’s electrolyzers. The integration of these parts will enable the production of green hydrogen, which we will then feed into Phillips 66’s Humber Refinery.

Worley Half Year Results 2021

Refining and Chemicals Markets recovering at different rates

Sector outlook

Refining : Demand for transportation fuels will continue to recover through 2021 although overall global refining throughput is not expected to return to 2015-19 levels
Longer term trend for refinery conversions to biofuels and/or petrochemical feedstock expected to gain momentum
Chemicals : Global demand growth in 2021 is expected to more than recover the losses in 2020 and will be widespread across all regions and chemical markets

Global refining crude throughput not returning to 2015-2019 average in 2021

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85
80
75
70
65
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2015-2019 average 2020 2021 forecast
Mb/d
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Source: IEA Oil Market Report, January 2021; (mb/d = million barrels of oil per day)

As the chemicals market grows it will continue to reduce the energy intensity by changing feedstocks and production processes

Worley near term themes

Refining : Still facing challenging market conditions, and reduced capex is targeting sustainable fuels supported by regulation in Europe and the US
Chemicals : V-shaped recovery with major customers reporting improved earnings and a return to historical demand and margin levels. Capex announcements are expected to increase in 2021. We are industry leaders in the Chemicals sector and well positioned for these opportunities

Global chemical output set to rebound

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4
2
2020
0
-2 2021 2022
-4 Agricultural Chemicals
-6 Basic Chemicals
-8
Specialty Chemicals
Total World
Source: IHS Markit, December 2020
Year-on-year % change in output
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Worley Half Year Results 2021

PROJECT CASE STUDIES

Refining and Chemicals

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From waste gas into sustainable ethanol Turning a circular economy idea into a commercial-scale reality

ArcelorMittal Ghent (AMG) is installing a demonstration plant at its integrated steel site in Ghent, Belgium which will convert industrial waste gas from blast furnaces into bioethanol.

LanzaTech has developed a novel technology whereby microbes feed on carbon-rich gas, rather than sugar, and convert them into ethanol.

Worley worked closely on the concept, basic and detailed engineering of this project with both AMG and LanzaTech.

The low-carbon ethanol will be used as a transport fuel.

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Expanding our portfolio with BASF solvent suite Helping refiners meet their sulphur removal targets and reduce their carbon footprint

Comprimo ®, Worley’s sulphur technology business, is now an authorized licensor of the OASE® suite. This means we are now able to offer OASE Yellow and Purple, alongside ExxonMobil’s FLEXSORB™ solvent technologies.

These solvent technologies can achieve overall sulphur recovery greater than 99.99% and can treat specific sulphur contaminants in gas streams.

Our partnership with BASF means we can help our customers meet stringent emissions standards while keeping their capital investment costs low and utility consumption to a minimum.

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Turning plastics into valuable chemicals Recovering benzene, toluene and xylene from mixed-plastic waste

Benzene, toluene, and xylene (BTX) are important building blocks for a variety of widely-used products including pharmaceuticals, clothing and glues

Encina has developed a process which economically extracts BTX from plastic waste through catalytic pyrolysis.

Worley is providing engineering, procurement, and construction services for Encina’s processing plant in the US. The facility can take plastic in varying conditions – from post-consumer, mixed plastics to ocean plastics.

Worley Half Year Results 2021

Mining, Minerals and Metals A green recovery will support demand growth

Sector outlook

2020 saw strong fundraising for metals and mining with junior and intermediate mining companies raising USD11.23b, up 25% on 2019 and the highest total since 2012
A growing copper supply deficit will support elevated +$3/lb copper prices, supporting both greenfield and brownfield plans
Modest demand growth for phosphate is forecasted to outpace new supply
Confidence in long-term demand for battery metals such as lithium, nickel and cobalt
Metals prices are expected to remain strong in 2021 supported by recoveries in the manufacturing sector and infrastructure investment

Worley near term themes

Worley sector revenue dominated by the growing commodity markets commodities of copper, iron ore and mined fertilizers
Miners are increasingly looking to benefit from low-cost renewables and onsite hybrid generation systems

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Refined copper supply and demand balance
300
200
100
0
-100
-200
-300
2018 2019 2020 2021 2022 2023 2024 2025
Thousand tonnes
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Source: S&P Global Market Intelligence, Copper CBS January 2021

Top 40 mining, minerals and metals companies' capex growth in 2021

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40%
20%
0%
-20%
Coal and Copper Diversified Steel Gold and Grand total
consumable metals and precious metals
fuels mining
Source: S&P Capital IQ, Top 40 mining companies by market capitalisation, as of 20 January 2021
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Worley Half Year Results 2021

PROJECT CASE STUDIES

Mining, Minerals and Metals

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Transition materials enabling new energy infrastructure Unlocking new copper resources

The Hu’u Project is a large high-grade copper and gold ore body being studied by PT Sumbawa Timur Mining (STM), which is owned by Vale S.A. and PT Aneka Tambang (Antam). The depth, geotechnical characteristics and temperature of the resource requires innovative technical solutions to enable the safe and economic development of the mine.

Worley has been appointed as the mining study manager with additional responsibility for reporting and estimating for all contributors to the study.

Development of the Hu’u Project would see STM become a leading global copper producer in Indonesia.

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Mine water management study Shaping Yanacocha’s future water strategy

Worley is supporting Minera Yanacocha S.R.L. (owned by Newmont, Minas Buenaventura, and Sumitomo Corp.) plot their water strategy as this world-class gold mine in Peru transitions to next generation mining and production over the next decade even during closure.

The team is piloting advanced membrane treatment to meet tightening discharge water quality standards and protect downstream communities. Together we are addressing challenges posed by the evolving operations, future projects and climate change impacts to water quality and flow.

Leveraging decades of water, mine operations, brownfields and high-altitude construction and closure experience we are excited to work with Yanacocha to shape this mission critical program.

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Australia’s largest hybrid renewable microgrid Leading the way in renewable energy

Gold Fields recently completed Australia’s largest hybrid renewable microgrid at their Agnew Gold Mine in remote Western Australia.

The Advisian business worked with Gold Fields to develop the hybrid solution consisting of 18 MW wind, 4 MW solar, 13 MW/4 MWh battery and 21 MW gas/diesel.

In favourable conditions, the microgrid can provide Agnew’s power demand with up to 85% renewable energy.

Worley Half Year Results 2021

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Driving long-term shareholder value
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•
Global leader delivering knowledge-based project and asset services
•
Strongly positioned to benefit from sustainable development mega trend
•
Global earnings base and broad end markets provides diversification and resilience
•
Strong balance sheet to support growth initiatives and shareholder returns Long-term shareholder value
•
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•
Balanced exposure to customer spend (opex/capex)
•
Low-risk commercial models
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25%
12%
42%
6%
15%
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18%
Energy
39% Chemicals 47%
47%
Resources Capex Opex
53%
82%
14%
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Worley Half Year Results 2021

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2021

Half year results

Tom Honan, Chief Financial Officer

Worley Half Year Results 2021

worley.com

Financial headlines

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•
Statutory operating cash flow $253m Compared to $227m in H1 FY20
Cash generation
•
Underlying operating cash flow $281m Compared to $361m in H1 FY20
•
Aggregated revenue $4,498m Compared to $5,998m in H1 FY20
Performance
•
Underlying EBITA $207m Compared to $366m in H1 FY20
Gearing [1] 18.0% • Below target range 25 -35 %
•
Leverage [2] 1.8x Maintained from 30 June 2020
Capital management
•
Liquidity [3] $2,102m Strengthened since 30 June 2020
•
Target increased from $275m [4]
Operational savings target $350m [4]
•
$286m [4] delivered to date
Delivering benefits
•
To be delivered by April 2021
ECR acquisition cost synergy target $190m [4]
•
$181m [4] delivered
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Net debt to net debt + equity excluding lease liabilities
Per debt covenant definition
Available facilities plus cash
Annualized savings

Worley Half Year Results 2021

Statutory statement of financial performance[1]

Consistent with 30 June 2020, the Group has allocated certain global support costs into the segment result in the current period. Prior period professional services costs, construction and fabrication costs and global support costs were restated for comparative purposes. Total expenses on the Statement of Financial Performance and Other Comprehensive Income have not changed.

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For the half year ended 31 December 2020 ($m) 31 December 2019 ($m)
REVENUE AND OTHER INCOME
Professional services revenue 2,964 3,873
Procurement revenue 646 1,513
Construction and fabrication revenue 1,261 1,506
Other income 1 5
Interest income 4 4
Total revenue and other income 4,876 6,901
EXPENSES
Professional services costs (2,815) (3,647)
Procurement costs (642) (1,467)
Construction and fabrication costs (1,190) (1,391)
Global support costs (75) (86)
Transition, transformation and restructuring costs (50) (81)
Borrowing costs (45) (63)
Total expenses (4,817) (6,735)
Share of net (loss)/profit of associates accounted for using the equity method (11) 6
Income tax expense (26) (46)
Profit after income tax expense 22 126
PROFIT ATTRIBUTABLE TO MEMBERS OF WORLEY LIMITED 22 115
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Worley Half Year Results 2021

Reconciliation of statutory to underlying results

Adjusted for non-trading items

Increase in revenue from an arbitration award in relation to a dispute with a state-owned enterprise.
Relates to a revaluation of the value of Worley’s deferred tax assets and liabilities arising from the reduction in the corporate tax rates in provincial Canada.
The underlying NPAT result excludes the impact of acquisitions and transition, impact of the arbitration award, impact of transformation, transition and restructuring, international government subsidies recognized net of direct costs, some other one-off items, and the related tax effect, as well as the impact of changes in tax legislation on tax expense.
NPATA is defined as profit after tax excluding the post tax impact of amortization on intangible assets acquired through business combinations. Underlying NPATA is defined as underlying NPAT excluding post tax impact of amortization of intangible assets acquired through business combinations.

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31 December 2020 31 December 2019
For the half year ended
($m) ($m)
Statutory result (NPAT) 22 115
Transition costs 34 81
Impact of transformation and restructuring
Payroll restructuring 19 -
Impairment of property assets 16 -
Onerous contracts and other costs 22 -
-
International government subsidies net of direct costs incurred (41)
Impairment of fixed assets 6 -
-
Impact of arbitration award [1] (3)
Impairment of investments in associates 11 4
Sub-total additions and subtractions 89 197
Net tax expense on items excluded from underlying results (16) (21)
Additions (post-tax)
Tax from changes in tax legislation [2] 6 1
Underlying Net Profit After Tax [3] 79 177
Amortization of intangibles 51 53
Tax on intangibles (13) (14)
Underlying NPATA [4] 117 216
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Worley Half Year Results 2021

H1 FY21 key financials

Aggregated revenue impacted by global economic circumstances including the COVID-19 pandemic, resulting in project deferrals and site access restrictions, particularly in Americas
Underlying EBITA margin reduction reflects volume reduction, change in business mix and FX translation impacts
Underlying effective tax rate has increased because “fixed” tax costs had greater impact due to reduced profit before tax
Refer to page 69 of the supplementary slides for the definition of aggregated revenue.
The underlying EBITA result excludes the impact of acquisitions and transition, impact of the arbitration award, impact of transformation, transition and restructuring, international government subsidies recognized net of direct costs, some other one-off items, and the related tax effect, as well as the impact of changes in tax legislation on tax expense and amortization of intangible assets acquired through business combination. For reconciliation of statutory to underlying EBITA refer to note 1.1G in the Interim Financial Report.

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Statutory result HY2021 HY2020 vs. HY2020
Total revenue ($m) 4,876 6,901 (29%)
EBITA ($m) 140 285 (51%)
NPATA ($m) 60 154 (61%)
Basic EPS (cps) 4.3 22.1 (81%)
Interim dividend (cps) 25 25 -
Operating cash flow 253 227 11%
Underlying result HY2021 HY2020 vs. HY2020
Aggregated revenue [1] ($m) 4,498 5,998 (25%)
Underlying EBITA [2] ($m) 207 366 (43%)
Underlying EBITA margin % 4.6% 6.1% (1.5pp)
Underlying Net Profit After Tax and Amortization [1] ($m) 117 216 (46%)
Underlying NPATA margin % 2.6% 3.6% (1.0pp)
Underlying basic EPS (cps) [3] 22.3 41.5 (46%)
Underlying operating cash flow net of procurement 281 361 (22%)
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Underlying basic EPS has been calculated on underlying NPATA basis.

Worley Half Year Results 2021

Segment results By region

Americas margin decrease was primarily driven by US Field Services which was impacted by COVID-19 with key sites inaccessible and curtailed customer spending
EMEA margin impacted by volume reductions in Middle East and Africa, and ramp down of major project in Central Asia
APAC margin is higher than other regions due to a higher proportion of professional services work, and the type of projects
Rate and price changes did not have a material impact on EBITA

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HY2021 HY2020 [1] vs. HY 2020
Aggregated revenue ($m)
4,498 5,998 (25%)
Americas
1,907 3,044 (37%)
EMEA
1,667 1,877 (11%)
APAC
924 1,077 (14%)
Segment results ($m) 283 456 (38%)
Americas
117 231 (49%)
EMEA
77 118 (35%)
APAC
89 107 (17%)
Segment margin (%) 6.3% 7.6% (1.3 pp)
Americas
6.1% 7.6% (1.5 pp)
EMEA
4.6% 6.3% (1.7 pp)
APAC
9.6% 9.9% (0.3 pp)
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Worley Half Year Results 2021

H1 FY20 was restated for comparative purposes. Refer to page 46

Key operating indicators Margin

Underlying EBITA margin impacted by change in business mix and rate of volume reduction
Professional services segment margin % relatively stable compared to H1 FY20
Higher proportion of construction and fabrication revenue as well as margin impacts from:
US Field Services where significant reductions were seen, and;
Norway fabrication business returning lower margin compared to the prior period due to the type of projects.
Underlying effective tax rate is 31% vs 26% in pcp because “fixed” tax costs had greater impact due to reduced profit before tax

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15%
Underlying EBITA margin %
10%
5%
0%
HY19 FY19 HY20 FY20 HY21
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Underlying NPATA margin %
10%
8%
6%
4%
2%
0%
HY19 FY19 HY20 FY20 HY21
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Worley Half Year Results 2021

Headcount: staff utilization on target

Headcount approx. 48,400 at 31 January 2021
Total headcount down 7% since 30 June 2020
Staff numbers have reduced 6% since 30 September 2020
Craft numbers have increased 9% since 30 September 2020
Staff utilization remains on target
Managing headcount while maintaining capability has been a focus during period of project deferrals

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Worley global headcount
60,000
Craft
40,000
Staff 40,700 36,000
20,000
11,100 12,400
0
FY2020 31 Jan 21
(restated)
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Worley global headcount
ECR
Headcount
Acquisition
Change to prior month
(staff only since Apr 2019)
Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21
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Staff utilization
94% Target Monthly rate
92% ECR acquisition
90%
88%
86%
84%
82%
80%
78%
Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
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Worley Half Year Results 2021

Capital management Strengthened liquidity position

Confirmed as an eligible issuer for the Bank of England’s COVID-19 Corporate Financing Facility (BoE CCFF) up to GBP300m has further strengthened our liquidity position
Strengthened through $281m underlying operating cash flow
Strong debt metrics achieved in H1 FY21

Note: debt maturity shown over the next two quarters, followed by three full years Debt presented on this slide excludes the finance liability under AASB 16 Leases .

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Underlying debt facilities expiry by maturity date
1,600
1,400
1,200
1,000
800
600
400
200
-
Q3 FY21 Q4 FY21 FY22 FY23 FY24
Term Loan USPP Syndicate Revolving Facility Club Overdraft Bilateral BoE CCFF
$m
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Worley Half Year Results 2021

Balance sheet metrics

Gearing well below target band of 25-35%
Average maturity of debt is 1.8 years
Dispute resolution mechanisms triggered in respect of three non-paying SOEs. Receivables are categorized as non-current
Collection of cash from the fourth SOE now completed
Strengthened through $281m underlying operating cash flow (net of procurement)
Statutory and covenant net debt includes lease liabilities of $344m

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HY2021 FY2020
Gearing ratio [1] 22.2% 22.9%
Facility utilization [2] 51.8% 57.4%
Average cost of debt [3] 2.8% 3.3%
Total liquidity ($m) [4] 2,102 1,879
Average maturity (years) 1.8 2.4
Interest cover (times) 7.2x 6.3x
Net debt, $m (covenant definition) 1,550 1,781
Net debt/EBITDA (times) [5] 1.8x 1.8x
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Net debt to net debt + equity
Loans, and overdrafts, excluding leases
Calculated based on the weighted average of closing debt and rates at reporting date
Available facilities plus cash
Earnings before interest, tax, depreciation and amortization as defined for debt covenant calculations

Worley Half Year Results 2021

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Our actions have set the business up for the future

Simplified business structure

Focused and disciplined cash collection

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Strong capital management: net debt at lowest level since ECR acquisition

Global common systems and processes in place, including sales, finance and People

Operational savings target increased by $75m[1] to $350m[1] by June 2022

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ECR integration activities complete. Cost synergy target will be exceeded by $60m[1] . Final savings to be delivered by 30 April 2021

Worley Half Year Results 2021

Annualized savings

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2021 Outlook

Chris Ashton, Chief Executive Officer

Worley Half Year Results 2021

worley.com

Summary

Delivering cash through challenging environment

The safety and well-being of our people through the COVID-19 pandemic remains our priority
Despite challenging global economic circumstances, we have continued to generate strong operating cash flow and strengthened our liquidity position
We have seen project deferrals, although minimal cancellations. Customer discussions indicate deferred projects and activity levels on long-term contracts to return as global economic circumstances improve

Business set up for future growth

We believe our strong cash result, cost savings programs and our sustainability pivot have set the business up for a strong future
Our operational savings program is ongoing with an increased target
12-month factored sales pipeline[1] is increasing
Diversified business is a strength as different geographies and sectors recover at different rates

Delivering a more sustainable world

Our sustainability pivot provides the structural framework for growth
Sustainability[2] opportunities in our are
factored sales pipeline[1] accelerating across all our sectors with a more favorable gross margin percentage than historical services
We are increasingly engaged with new, emerging customers who are focused on sustainability[2] opportunities
We are pleased with the level of work we are winning

Worley Half Year Results 2021

Factored for likelihood of project proceeding and award to Worley 2 Refer to page 25 for our sustainability domain

Worley Half Year Results 2021 57

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Group outlook
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As a result of the global economic circumstances, including We expect an improved EBITA in H2 FY21 compared to
the COVID-19 pandemic, we have seen project deferrals, H1 FY21 due to recent project awards as well as the impact of
although minimal project cancellations. Customer discussions cost reductions implemented in the first half having a full year
indicate deferred projects are likely to return as global impact.
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economic circumstances improve.
Our sustainability pivot provides the structural framework for
We believe our strong cash result, cost savings programs and growth and we are pleased with the level of work (and
our sustainability pivot have set the business up for the resulting margins) we are winning in line with our strategy.
future. To date, we have delivered $286m [1 ] of operational We are seeing sustainability [3] opportunities accelerate across
savings and increased the target to $350m [1 ] by June 2022. all our sectors and we are well positioned to capture these
[1 ]
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cost synergy target by April 2021.
Our diversification will continue to be important as different
sectors and regions recover at different rates. Our 12-month
factored sales pipeline [2 ] is increasing which includes the
acceleration of sustainability [3 ] opportunities.
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&
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Worley Half Year Results 2021

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2021

Half year results

Supplementary information

Worley Half Year Results 2021

worley.com

Segment results By region

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Americas EMEA APAC TOTAL
vs. HY2020 vs. HY2020 vs. HY2020 vs. HY2020
HY2021 HY2020 [1] HY2021 HY2020 [1] HY2021 HY2020 [1] HY2021 HY2020 [1]
$m $m $m $m $m $m $m $m
Aggregated revenue 1,907 3,044 (37%) 1,667 1,877 (11%) 924 1,077 (14%) 4,498 5,998 (25%)
Professional services [2]
1,014 1,588 (36%) 1,193 1,464 (19%) 855 1,002 (15%) 3, 062 4,054 (24%)
Construction and fabrication 846 1,185 (29%) 415 321 29% - - - 1,261 1,506 (16%)
Procurement
47 271 (83%) 59 92 (36%) 69 75 (8%) 175 438 (60%)
Segment results 117 231 (49%) 77 118 (35%) 89 107 (17%) 283 456 (38%)
Professional services
73 114 (36%) 47 80 (41%) 88 103 (15%) 208 297 (30%)
Construction and fabrication 43 80 (46%) 28 34 (18%) - - - 71 114 (38%)
Procurement
1 37 (97%) 2 4 (50%) 1 4 (75%) 4 45 (91%)
Segment margin 6.1% 7.6% (1.5 pp) 4.6% 6.3% (1.7 pp) 9.6% 9.9% (0.3 pp) 6.3% 7.6% (1.3 pp)
Professional services
7.2% 7.2% 0.0 pp 3.9% 5.5% (1.6 pp) 10.3% 10.3% 0.0 pp 6.8% 7.3% (0.5 pp)
Construction and fabrication 5.1% 6.8% (1.7 pp) 6.7% 10.6% (3.9 pp) - - - 5.6% 7.6% (2.0 pp)
Procurement
2.1% 13.7% (11.6 pp) 3.4% 4.3% (0.9 pp) 1.4% 5.3% (3.9 pp) 2.3% 10.3% (8.0 pp)
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Americas procurement margin in H1 FY20 due to a discrete project in the period, procurement margin now normalized
H1 FY20 was restated for comparative purposes, as detailed on page 46

Worley Half Year Results 2021

Professional services revenue includes other income

Segment results By sector

Upstream and Midstream revenue and margin were impacted by project deferrals as a result of global economic circumstances including the COVID-19 pandemic, particularly in the Americas. In addition, margin was impacted by the change in projects in the Norway fabrication business
Professional services margin in the Chemicals sector was relatively stable compared to H1 FY20, while construction and fabrication margin was impacted by COVID-19 with key sites inaccessible and curtailed customer spending
Resources margin was impacted primarily by COVID-19 related site shutdowns in Africa and the ramp down of procurement revenue with margin from a project in Latin America

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HY2021 HY2020 [1] vs. HY 2020
Aggregated revenue ($m)
4,498 5,998 (25%)
Energy
2,127 2,975 (29%)
Chemicals
1,745 2,193 (20%)
Resources
626 830 (25%)
Segment results ($m) 283 456 (38%)
Energy 125 226 (45%)
Chemicals
113 157 (28%)
Resources
45 73 (38%)
Segment margin (%) 6.3% 7.6% (1.3 pp)
Energy 5.9% 7.6% (1.7 pp)
Chemicals
6.5% 7.2% (0.7 pp)
Resources
7.2% 8.8% (1.6 pp)
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Worley Half Year Results 2021

HY2020 market sector segment results have been restated in accordance with a review of project allocations to these sector groups

Revenue reductions in all regions

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Americas
4,000 •
3,000 169 517
4 314
141
2,000
3,044
1,000 1,907
-
H1 FY20 FX Upstream & Midstream Power Refining & Chemicals Resources H1 FY21
•
EMEA
2,000 97 128
5 11 1
1,500
1,000 1,877 •
1,667
500
-
H1 FY20 FX Upstream & Midstream Power Refining & Chemicals Resources H1 FY21
•
APAC
1,500
27 91 58 112
1,000 19
500 1,077 924
-
H1 FY20 FX Upstream & Midstream Power Refining & Chemicals Resources H1 FY21
$m
$m
$m
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Upstream and Midstream revenue impacted by project deferrals as a result of global economic circumstances including the COVID-19 pandemic, particularly in the US, and completion of major projects in Central Asia

Power showed resilience across all regions, including growth in APAC through increasing stake in TWPS to 100%

Refining and Chemicals revenue impacted by project deferrals and site access restrictions in the US, Canada and Asia.

Resources revenue impacted primarily by COVID-19 related site shutdowns in Africa and the ramp down of procurement revenue with margin from a project in Latin America

Worley Half Year Results 2021

Key drivers for EBITA change from H2 FY20 Detail of cost savings

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600 Operational savings
ECR acquisition cost synergies
44
500
83
23 39 2 36
400
279
300
200
377
100 207
-
FY20 H2 EBITA Synergies H2 FY20 actions HY21 actions in Savings already H2 FY20 actions HY21 actions in Net business HY21 EBITA
already in H2 run rate (6 period in H2 FY20 run rate (6 period decline
FY20 months) months)
$m
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Net business decline of $279m driven by global economic circumstances including the COVID19 pandemic
Volume reductions and business mix are the key drivers of net business decline
Project deferrals and site access restrictions have led to a reduction in volume[1] . Customer discussions indicate deferred projects are likely to return as global economic circumstances improve
Business mix[1] has changed due to increased proportion of lowermargin construction work
Total cost saving benefit of $109m has partially off-set business decline[2]

Refer to page 9 for volume reduction details and page 10 for business mix details

Worley Half Year Results 2021

Refer to page 20 for operational savings details and page 22 for ECR acquisition cost synergy details

Global operations

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Prudhoe Bay
Pickering The Hague
Bowmanville Meerssen
Markham Aberdeen Stavanger
EdmontonBlackfalds KincardineSudbury Stockton-on-TeesManchesterGlasgow StenungsundCologne Moscow
Anchorage Vancouver, BCKitimat Calgary GrimsbyBristol Ghent PlzenLudwigshafen Ulaanbaatar Sakhalin
Billings Bismarck Saint John Great YarmouthLondon Antwerp Atyrau
San FranciscoFolsom Denver Sarnia Reading Madrid Sofia Ankara Baku Tashkent [Almaty] Beijing
Los Angeles Cádiz Tianjin
Long BeachSanta Ana Bayport Charleston Casablanca Cairo Basrah Ahmadi Chengdu NanjingShanghai
Houston Manama
Al Khobar
Baton RougeMetairie Lakeland Yanbu Abu DhabiDohaDubai
Mexico City Muscat Vadodara Kolkata
Mumbai
Navi Mumbai
Hyderabad Bangkok Manila
Bangalore Chennai
Chaguanas
Bogotá Lagos Kerteh Kuala Belait
Accra Kuantan
Kuala Lumpur
Nairobi Singapore
Jakarta
Lima Dili
Mackay
48,400 Rio de Janeiro Gladstone
São Paulo Maputo
People Brisbane
Johannesburg Wellington
Perth Newcastle Hastings
Santiago Buenos Aires Bunbury Adelaide Sydney
Auckland
49 Geelong New Plymouth
Melbourne
Countries Christchurch
Worley Half Year Results 2021 64
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Underlying earnings profile

Group underlying EBITA ($m)

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H2
H1
694 743
413
313 359 377
251
172 335 366
141 162 207
FY2018 FY2019 FY2019 pro forma FY2020 FY2021
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Group underlying NPATA ($m)
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H2
432 H1
260 216
182
157
97
216
85 103 117
FY2018 FY2019 FY2020 FY2021
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The modified retrospective approach has been applied on adoption of AASB 16 Leases . Accordingly, the financial information presented for the prior period has not been restated and is presented under AASB 117 Leases and related interpretations.

Worley Half Year Results 2021

Margin profile

Underlying EBITA %

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7.0%
7.2%
6.1% 6.6% 6.3% 6.5% 6.4% 6.7% 6.5% 6.6% 6.1% 6.6%
4.6%
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H1
H2
Total
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FY2018 FY2019 FY2019 pro forma FY2020 FY2021
Underlying NPATA %
H1
H2
3.7% 4.0% 3.8% 4.0% 4.0% 4.0% 3.6% 4.1% 3.8% Total
2.6%
FY2018 FY2019 FY2020 FY2021
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Worley Half Year Results 2021

Revenue split

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Region aggregated revenue (%)
15%
24%
6%
12%
18%
25%
US & Latin America Canada Europe Middle East & Africa Asia ANZ
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Sector aggregated revenue (%)
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Upstream & Midstream Power Refining & Chemicals MMM

Worley Half Year Results 2021

Backlog

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Backlog by region Backlog by region
at 31 December 2020 at 31 December 2020
(1.2)
(1.6) -
1.8
Americas (0.4) (0.1)
16.8
4.8 Europe, Middle
13.5
East, Africa (EMEA)
6.9
Australia, Pacific,
Asia, China (APAC)
$b
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Backlog reduction primarily in Americas in Upstream and Midstream, and Refining and Chemicals due to project deferrals and site access restrictions

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Backlog by sector
Backlog by sector
at 31 December 2020
at 31 December 2020
- (1.2)
(0.9)
(1.1) -
(0.1)
2.1 Energy
16.8
6.1
Chemicals 13.5
5.3
Resources
$b
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Worley Half Year Results 2021

Revenue reconciliation

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HY2021 ($m) HY2020($m) vs HY2020
Revenue and other income 4,876 6,901 (29%)
Less: Procurement revenue at nil margin (471) (1,075) (56%)
Add: Share of revenue from associates 97 179 (46%)
-
Less: Impact of arbitration award ¹ (3) (100%)
Less: Interest income (4) (4) -
Aggregated revenue [2] 4,498 5,998 (25%)
Professional services 3,061 4,053 (24%)
Construction and fabrication 1,261 1,506 (16%)
Procurement revenue at margin 175 438 (60%)
Other income 1 1 -
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Increase in revenue from an arbitration award in relation to a dispute with a state-owned enterprise.
Aggregated revenue is defined as statutory revenue and other income plus share of revenue from associates, less procurement revenue at nil margin, pass-through revenue at nilmargin and interest income and the impact of the arbitration award. The Directors of Worley Limited believe the disclosure of the share of revenue from associates provides additional information in relation to the financial performance of Worley Limited Group.

Worley Half Year Results 2021

Cashflow

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HY2021 ($m) HY2020 ($m)
EBITA 140 285
Depreciation, amortization and impairments 176 188
Interest and tax paid (55) (88)
Working capital/other (8) (158)
Net cash inflow from operating activities 253 227
Non recurring costs 76 115
-
International government subsidies received, net of direct costs (52)
Interest on impaired assets 3 -
Underlying operating cash flow 280 342
Net procurement cash inflow 1 19
Underlying operating cash flow net of procurement cash flows 281 361
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Worley Half Year Results 2021

Cashflow Bridge to cash balance

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(6) (27) (13)
(55)
336 (130)
(33) (40)
(76) 52
490 Underlying operating cash flow 498
$281m
$m
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Worley Half Year Results 2021

Liquidity and debt maturity

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Liquidity summary $m HY2021 FY2020 Change
Liquidity
Loans, finance lease & overdraft facilities 3,326 3,256 2%
Less: facilities utilized (1,722) (1,867) (8%)
Available facilities 1,604 1,389 15%
Plus: cash 498 490 2%
Total liquidity 2,102 1,879 12%
Bonding
Bonding facilities 1,623 1,709 (5%)
Bonding facility utilization, % 64% 65% (1.0pp)
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Worley Half Year Results 2021

Foreign exchange translation impact

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Movement in major currencies against AUD (indexed)
110
108
106
104
102
100
98
96
94
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21
AUDUSD AUDGBP AUDCAD
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Currency AUD $m NPAT translation
impact of 1c ∆
AUD:USD 1.3
AUD:CAD (0.6)
AUD:GBP 0.1
AUD:EUR (0.2)
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Currency Average exchange Spot exchange rate
rate movement movement
BRL 41.0% 41.8%
CAD 5.4% 7.8%
CNY 1.8% 3.5%
EUR (0.8)% 0.8%
GBP 1.7% 5.5%
NOK 6.8% 7.2%
SGD 4.9% 8.3%
USD 5.5% 10.9%
KZT 15.3% 23.4%
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Currency Average Average Change
HY2021 rate HY2020 rate
AUD:USD 72.2 68.5 5.5%
AUD:GBP 55.4 54.4 1.7%
AUD:CAD 95.2 90.4 5.4%
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Worley Half Year Results 2021

Foreign exchange

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Total EBITA impact
2 1 1
-
(2) (1) (1) (1) (1) (1)
(2) (2) (2)
(4)
(4)
(6)
(8) (7)
ARS BRL CAD GBP INR KZT MNT MYR NOK USD US-Pegged Other
Group EBITA FX translation impact
20
9 10
10
-
(10) (3) (2) (1)
(20)
(20)
(30)
HY16 HY17 HY18 HY19 HY20 HY21
$m
$m
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The modified retrospective approach has been applied on adoption of AASB 16 Leases . Accordingly, the financial information presented pre FY2020 has not been restated and is presented under AASB 117 Leases and related interpretations.

Worley Half Year Results 2021

Glossary

$, $m – Australian dollars unless otherwise stated, Australian millions of dollars

AABS - Australian Accounting Standards Board ANZ - Australia & New Zealand APAC - Australia, Pacific, Asia & China CAGR - Compound annual growth rate CAPEX - Capital expenditure CCO – Chief Commercial Officer CCS - Carbon Capture and Storage CCUS - Carbon Capture, Utilization and Storage CEO - Chief Executive Officer CO2 - Carbon Dioxide CPS - Cents Per Share DAC - Direct Air Capture DES - Distributed Energy System EBITA - Earnings Before Interest, Tax and Amortization on acquired intangibles EBITDA - Earnings Before Interest, Tax, Depreciation and Amortization on acquired intangibles ECR - Energy, Chemicals & Resources division acquired from Jacobs Engineering Group Inc in FY19 EMEA - Europe, Middle East & Africa EP - Engineering & Procurement EPC - Engineering, Procurement and Construction EPCM - Engineering, Procurement and Construction Management EPS - Earnings Per Share ESG - Environmental, Social, and Corporate Governance EU - European Union FEED - Front End Engineering Design FID – Final Investment Decision FX - Foreign Exchange FY – Full Year

HSS - Health, Safety and Sustainability HY - Half Year IEA - International Energy Agency IFRS - International Financial Reporting Standard IOC – International Oil Company IT - Information Technology LNG - Liquefied Natural Gas MMM - Mining Minerals & Metals MMO - Maintenance, Modifications and Operations MSA – Master Services Agreement MW (h ) - Megawatt (hour) NPATA - Net Profit After Tax excluding Amortization on acquired intangibles NPAT - Net Profit After Tax

O&M – Operations and Maintenance OPEX - Operating expenditure PCP - Process Design Package PMC - Project Management Consultant PP - Percentage Points PSR - Professional Service Revenue SDGs - Sustainable Development Goals SDS - Sustainable Development Scenario SOE - State Owned Enterprise STEM - Science, technology, engineering, and mathematics TWPS – TW Power Services Ltd UK - United Kingdom UKIS - United Kingdom Integrated Solutions UN - United Nations

US - United States

Worley Half Year Results 2021

Backlog definition

Backlog is the total dollar value of the amount of revenues expected to be recorded as a result of work performed under contracts or purchase/work orders already awarded to the Group.

With respect to discrete projects an amount is included for the work expected to be received in the future. For multi-year contracts (i.e. framework agreements and master services agreements) and O&M contracts we include an amount of revenue we expect to receive for 36 months, regardless of the remaining life of the contract. Due to the variation in the nature, size, expected duration, funding commitments and the scope of services required by our contracts and projects, the timing of when the backlog will be recognized as revenue can vary significantly between individual contracts and projects.

Worley Half Year Results 2021

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Registered office:

Level 17, 141 Walker Street North Sydney NSW 2060 Australia

T: +61 2 8923 6866

E: [email protected]

Worley Limited ABN 17 096 090 158

worley.com

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WORLEY LIMITED — Interim / Quarterly Report 2021

66073_rns_2021-02-22_c6462f30-8cdd-4c95-81b6-987ae1f490de.pdf

Half year results

Disclaimer

Agenda

Protecting our people

Half year results 2021 summary

Delivering cash through challenging environment

Business set up for the future

Delivering a more sustainable world

1. Annualized savings

Key drivers for EBITA change from H2 FY20

Key drivers of net business decline from H2 FY20

Key drivers of volume reductions from H2 FY20

Key drivers of business mix change from H2 FY20

Backlog impacted by project and award deferrals Factored sales opportunities are increasing

Backlog[1]

Sales pipeline

Backlog: new awards and contract renewals

Backlog: economic impact on long-term contracts

Addressing climate change requires removing CO 2 from the air

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

Direct Air Capture (DAC)

Benefits of DAC+Sequestration (DAC+S)

How DAC+S works

Cost savings programs

Operational savings

ECR acquisition cost synergies

Operational savings target increased to $350m[1]

Operational savings progress

Final ECR acquisition cost synergies to be delivered by April 2021

Cash flow, net debt and balance sheet Continuing focus

Leverage ratio[1]

Our sustainability domain

Sustainability related investment is increasing across all our sectors

Sustainability is a growing part of our business

Sustainability project complexity drives gross margin

Upstream and Midstream Leading indicator: FID activity is expected to recover this year

Sector outlook

Investment in oil and gas required to meet demand under SDS

Worley near term themes

PROJECT CASE STUDIES

Upstream and Midstream

Digitalization and innovation Leveraging automation and the use of digital products

Full asset lifecycle support Building on our long-standing relationship in the North Sea

Focus on clean energy Playing a key role in the supply of a cleaner, lower carbon energy

Power Energy transition driving industry change

Sector outlook

Worley near term themes

USD2-3b

35 GW

20 GW

annual investments

installed energy capacity

installed energy capacity

DKK200b

€68b

$1b investment to 2023

investment out to 2025

investment to 2025

Offshore wind annual investment, new capacity

PROJECT CASE STUDIES

Power

Carbon Capture and Storage Creating a carbon-negative power station

Refining and Chemicals Markets recovering at different rates

Sector outlook

Global refining crude throughput not returning to 2015-2019 average in 2021

Worley near term themes

Global chemical output set to rebound

PROJECT CASE STUDIES

Refining and Chemicals

Mining, Minerals and Metals A green recovery will support demand growth

Sector outlook

Worley near term themes

Top 40 mining, minerals and metals companies' capex growth in 2021

PROJECT CASE STUDIES

Mining, Minerals and Metals

Transition materials enabling new energy infrastructure Unlocking new copper resources

Half year results

WORLEY LIMITED Interim / Quarterly Report 2021