Worley Limited (ASX: WOR) has strengthened its foothold in the United States liquefied natural gas sector. The Australian engineering giant announced it secured a reimbursable engineering, procurement and construction contract for Phase 2 of Venture Global’s CP2 Project in Louisiana. The deal builds on Worley’s existing relationship with Venture Global and positions the Company as the primary Project delivery partner for one of America’s most strategically significant energy developments.
Figure 1: Worley industrial facility showcasing the Company’s global operational footprint and engineering capabilities [Worley]
The Worley ASX news came through an ASX release on 4 February 2026, referencing Venture Global’s Form 8-K filing with the United States Securities and Exchange Commission. Worley will continue supporting CP2 Phase 2 as Venture Global moves towards the final investment decision and Project completion. The work is being led by Worley’s Houston, Baton Rouge and Reading offices, with support from the Company’s Global Integrated Delivery team.
What Does The Worley Contract Win Mean For Project Delivery?
Worley’s scope under the CP2 Phase 2 EPC contract covers design, engineering, procurement, construction management, testing, studies and related services. The Company will contribute to the design of the balance of plant and all interconnections, including piping, utilities and associated infrastructure. Procurement responsibilities include all items not covered by CP2’s other construction and supply agreements.
Figure 2: Rendering of Venture Global’s CP2 LNG facility in Louisiana, highlighting large-scale LNG export infrastructure [Offshore Energy]
The Worley ASX news agreement also includes scheduling and coordination of work performed by subcontractors and other contractors. Worley will handle the installation and connection of all equipment supplied by the Project’s equipment suppliers. Construction of the power plant forming part of CP2 falls under the Company’s remit as well.
Additional scope elements for Worley and Venture Global CP2 Project include compliance with warranty obligations and all applicable laws, codes and standards. Worley will provide Project controls, construction performance indicators and invoice reconciliation throughout the Project lifecycle.
How Will Worley Be Compensated Under This Agreement?
Worley will receive a reimbursable sum for its scope of work on the CP2 Phase 2 Project. The Company gets repayment for costs incurred in connection with the relevant work. These costs include materials, transportation and equipment expenses.
Worley ASX news reveals margin to cover overhead costs and expenses will be added to the reimbursable sum. An agreed profit margin forms part of the compensation structure. The target price may change based on certain conditions.
Change orders that CP2 could submit with respect to the scope of work or the Project schedule may alter the target price. Under the Phase 2 EPC agreement, Worley’s responsibilities will be delivered in line with a defined execution timeline covering its contracted scope. This includes substantial completion deadlines and final completion deadlines based on the achievement of contractual conditions regarding commissioning and completion of the LNG production systems.
Why is the CP2 Project Strategically Important?
Chris Ashton, Chief Executive Officer at Worley, emphasised the significance of the Worley contract win. He stated the Company is pleased to continue supporting Venture Global on this significant Project. CP2 is strategically important to global energy supply and security.
Figure 3: Chris Ashton, Chief Executive Officer of Worley Limited [Worley]
Worley is proud to be working with Venture Global as their Project delivery partner. The engagement on this opportunity further affirms the Company’s capabilities and deep expertise in delivering complex, large-scale Projects. The Worley Project pipeline benefits from this continued relationship with a major United States LNG developer.
The CP2 LNG terminal will be built at an approximately 1,150-acre site in Cameron Parish, Louisiana. The marine terminal is planned for Monkey Island, positioned between the Calcasieu Ship Channel and Calcasieu Pass along the Louisiana coastline. Phase 2 will have a total liquefaction facility of 5.6 million tonnes per annum.
What is the Timeline And Scope of CP2 Phase 2?
Venture Global obtained final export authorisation for CP2 LNG in 2025, following conditional authorisation in March 2025. The Federal Energy Regulatory Commission approved the siting, construction and operation of the facility in May 2025. Site works launched, and full mobilisation began after Venture Global took a final investment decision in July 2025.
Phase 2 will include ten liquefaction trains and two 200,000 cubic metre storage tanks. Phase 2 will replicate the proven mid-scale, modular liquefaction configuration already in use at Venture Global’s operating Calcasieu Pass LNG facility. The proposed CP Express pipeline will originate in Jasper and Newton County, Texas, before ending at the CP2 LNG terminal.
CP2 LNG is Venture Global’s third LNG export Project. The Calcasieu Pass Project came online in March 2022. The Plaquemines LNG Project began exports in late 2024.
Industry Outlook: Global LNG Market Dynamics
The global LNG market continues to expand as countries seek cleaner energy alternatives and energy security. United States LNG exports have grown substantially over the past decade. The country has become one of the world’s largest LNG exporters.
Figure 4: Site layout and infrastructure footprint of Venture Global’s CP2 LNG Project, illustrating Phase 2 development scope [LNG Prime]
Venture Global’s CP2 Project represents a $28 billion investment in the United States energy infrastructure. Projects of this scale create significant opportunities for engineering and construction service providers. The Worley ASX news reflects the Company’s strong positioning within this growing market segment.
Engineering firms with proven track records in complex LNG Projects remain in high demand. The ability to deliver large-scale Projects on time and within budget is a key differentiator. Worley’s continued engagement on CP2 demonstrates client confidence in the Company’s capabilities.
What Does This Mean For Worley’s Growth Strategy?
The Worley contract win aligns with the Company’s strategy of supporting the energy transition while meeting current energy needs. Worley continues to balance near-term energy and resource delivery with a longer-term transition toward more sustainable energy solutions.
Natural gas is seen as a transitional fuel in the shift towards lower-carbon energy sources. LNG infrastructure Projects like CP2 support this transition. Worley’s expertise in delivering complex energy Projects positions the Company to benefit from ongoing investment in LNG infrastructure.
The engagement on CP2 Phase 2 follows previous announcements regarding the Project dated 10 May 2023, 16 June 2025 and 30 July 2025. The Full Year 2025 results presentation dated 27 August 2025 also referenced the CP2 opportunity. This sustained involvement demonstrates the depth of Worley’s relationship with Venture Global.
Worley Share Price Performance And Market Capitalisation
Worley Limited is headquartered in Australia and listed on the Australian Securities Exchange. According to recent trading data, Worley shares last traded at $13.465 per share. The Company has a market capitalisation of $6.77 billion.
Figure 5: One-year share price performance of Worley Limited (ASX: WOR) [ASX]
The stock has traded in a 52-week range of $11.070 to $15.810 per share. Market reaction to contract wins and Project announcements influences investor sentiment. The Worley ASX news regarding CP2 Phase 2 provides visibility into the Company’s forward work pipeline.
About Worley Limited
Worley is a leading global professional services company of energy, chemicals and resources experts. The Company partners with customers to deliver Projects and create value over the life of their assets. Worley is bridging two worlds, moving towards more sustainable energy sources while helping to provide the energy, chemicals and resources needed now.
Worley Limited is headquartered in Australia and listed on the Australian Securities Exchange (ASX: WOR). The Company operates through offices worldwide, including major hubs in Houston, Baton Rouge and Reading. Worley’s Global Integrated Delivery team supports Project execution across multiple geographies.
Final Thoughts
The Worley contract win for CP2 Phase 2 reinforces the Company’s position as a preferred partner for complex LNG infrastructure Projects. The reimbursable EPC contract structure provides Worley with cost recovery and agreed profit margins. As Venture Global progresses towards the final investment decision and Project completion, Worley’s role as the project delivery partner remains central.
The Worley Project pipeline benefits from sustained engagement on strategically important energy infrastructure developments. The CP2 Project’s scale and significance to the United States energy security underscore the value of Worley’s technical capabilities. Investors will watch for updates on Project milestones and execution progress in upcoming reporting periods.
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FAQs
Q1. What contract did Worley win from Venture Global?
Ans. Worley secured a reimbursable EPC contract for Phase 2 of Venture Global’s CP2 LNG Project in Louisiana, United States.
Q2. How will Worley be paid under this agreement?
Ans. Worley will receive a reimbursable sum covering costs for materials, transportation and equipment, plus margins for overhead and an agreed profit margin.
Q3. What is the capacity of CP2 Phase 2?
Ans. Phase 2 will have a total liquefaction facility of 5.6 million tonnes per annum with ten liquefaction trains.
Q4. Where is the CP2 Project located?
Ans. The CP2 LNG terminal will be built on an approximately 1,150-acre site in Cameron Parish, Louisiana, with the marine facility on Monkey Island.
