LNG

WorleyParsons, the Australian energy and engineering and construction company noted for working on the Singapore LNG import terminal and liquefaction plants in Western Australia, is the subject of takeover speculation after a Middle East group based in the United Arab Emirates acquired a substantial stake and said it could buy more shares.

Feb 28 (LNGJ) - Dar Group, based in Dubai in the United Arab Emirates, said it had acquired a 13.35 percent stake in Australian infrastructure, energy and LNG engineering and consultancy company WorleyParsons Ltd. “Dar Group views WorleyParsons as the preeminent energy and design consultancy globally and respects the role the Chairman, Board and management team have played in establishing this market leading position. Dar has acquired the stake with a long-term strategic perspective and looks forward to being a supportive shareholder,” it said. “Dar Group has no present intention of initiating discussions with WorleyParsons regarding a change-of-control transaction,” it added. Dar operates a multi-branded strategy consisting of a global network of architecture and engineering consultancy firms.