Worley signs reimbursable EPC contract for Venture Global’s CP2 Expansion
Worley Limited (ASX: WOR) has signed a reimbursable engineering, procurement and construction (EPC) contract for Venture Global’s CP2 Expansion project. The award follows early-stage engineering work on the project.
CP2 is a major LNG export facility located in Cameron Parish, Louisiana, United States. For investors, the contract converts early-stage support into a signed EPC contract on a large LNG project.
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From early-stage engineering to EPC award
How the relationship has built
Worley had been providing early-stage engineering support on the CP2 Expansion project under a Master Services Agreement. Venture Global is targeting Final Investment Decision on the Expansion in early 2027.
Worley already provides EPC services on Phase 1 and Phase 2 of CP2. The company cited ASX announcements dated 10 May 2023, 16 June 2025, 30 July 2025, 4 February 2026 and 19 March 2026 in relation to that work.
The Phase 2 Full Notice to Proceed followed Venture Global’s own investment decision on that stage, and the same approval gate now sits ahead of the Expansion.
Who is delivering the work
The work is led by Worley’s offices and supported by a central delivery team:
- Houston office
- Baton Rouge office
- Reading office
- Worley’s Global Integrated Delivery (GID) team (supporting)
Chris Ashton, Chief Executive Officer, Worley
“We are proud to have extended our relationship with Venture Global on one of the most strategically important LNG projects globally, which is set to provide energy supply and security at an important time. Worley has identified LNG as a priority growth market where we have an established leadership position and demonstrated execution capability at scale.”
What a reimbursable EPC contract means for investors
EPC stands for engineering, procurement and construction. It covers the design of a facility, the buying of equipment and materials, and the building of the project.
A reimbursable structure generally means the client reimburses the costs incurred, as opposed to a fixed-price structure. The announcement does not state the commercial terms of this contract.
Worley has described LNG as a priority growth market where it has an established leadership position and demonstrated execution capability at scale. The award extends its involvement on CP2 across three stages:
Worley’s Alaska LNG EPCM role shows the same pattern of moving from completed front-end work into execution on another large US LNG development.
- Phase 1 and Phase 2: existing EPC services
- CP2 Expansion: new reimbursable EPC contract
| CP2 stage | Worley’s role | Status |
|---|---|---|
| Phase 1 | EPC services | Already provided |
| Phase 2 | EPC services | Already provided |
| CP2 Expansion | Reimbursable EPC contract | Contract signed; early-stage engineering support previously provided under a Master Services Agreement |
What happens next for Worley and CP2 Expansion
One stated milestone lies ahead:
- Final Investment Decision on the CP2 Expansion: Venture Global is targeting this in early 2027.
Worley has identified LNG as a priority growth market, and the CP2 Expansion contract adds to its existing EPC role on Phase 1 and Phase 2.
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