Worley CEO Chris Ashton takes ‘laser-like’ approach to AI

afr.com:

Worley boss Chris Ashton has singled out artificial intelligence as a top priority, setting up a new working group to investigate how it can incorporate the emerging technology into its global engineering business.

“The rapid introduction of AI into the world is impacting everyone,” Mr Ashton told The Australian Financial Review after reporting a 78 per cent drop in annual net profit to $37 million. “What I’m trying to do is look at what the opportunity set is for Worley if we are to embrace it.”

Geeta Thakorlal, a member of Worley’s executive team who had been in charge of information and digital delivery, shifted to a new job in June leading a working group of eight people that will examine how to proactively incorporate AI into Worley’s business, Mr Ashton said.

“It is laser-like focus on the application of artificial intelligence from the perspective of it being a disruptive technology,” he said. “It’s setting us up for the long-term growth of the organisation.”

The working group will draw on the knowledge of 200 data scientists employed by Worley in India and work with a separate internal AI governance group.

Worley’s stock rose 49¢, or 3 per cent, on Wednesday afternoon to trade at $17.87 per share – its highest level in almost five years – after group underlying earnings rose 16 per cent to $635 million. Group revenue also increased, up 17 per cent to $11.3 billion.

But a $240 million loss on the sale of a North American maintenance business inherited when Worley acquired Jacobs Engineering Group’s energy, resources and chemicals division in 2019 caused Worley’s annual net profit to fall. The company had previously disclosed the loss in its interim results.

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