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CEO Andrew Wood

WorleyParsons announced they have set aside $32.8 million to restructure its business following a comprehensive review of its operations.

The company is hoping to improve margins for next year by reducing overhead and improving project delivery, the company said Wednesday.

CEO Andrew Wood said the firm will be organized into 3 business lines: services, major projects, and “improve”.

“With the reorganization we are announcing today we are aligning the business to market conditions. It will simplify the corporate structure, reduce overhead costs and enable our staff to deliver greater customer satisfaction. The reorganization is expected to improve major project performance, deliver sustainable growth in earnings and enhance returns to shareholders,” Wood said in the press release.