WorleyParsons shares are on a tear

Photo: Andrew Burton/ Getty Images.

WorleyParsons shares are soaring.

A short time ago, the consulting engineering company’s shares were up almost 9% to $6.63, more than double the lows of earlier in the year.

The company told an investor day in Sydney of plans for another $180 million of savings over the next six to 18 months, including closing offices, reducing debt and selling non-core assets.

WorleyParsons, like many servicing the resources industry, has been hit by low commodity prices and a fall in oil prices, reducing business across the resources and energy sectors.

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