The restructure comes as the company aims at better positioning the company for future earnings growth by improving delivery and offering more competitive value.

"With the reorganisation we are announcing today we are aligning the business to market conditions," Worley CEO Andrew Wood said.

"It will simplify the corporate structure, reduce overhead costs and enable our staff to deliver greater customer satisfaction.

"The reorganisation is expected to improve major project performance, deliver sustainable growth in earnings and enhance returns to shareholders.

"The reorganisation is not only a structural change, it is also about cultural change to improve the way we do business and allow our staff to support our customers in being successful."

The company's restructure will result in the emergence of three business lines - services, major projects and a line simply called "improve".

The services line of the company is claimed to represent approximately 70% of aggregated revenue for Worley and includes consulting with clients, delivery of solutions and a crossover into improve.

Improve is what Worley's calling its consultation-focused business line involved in helping clients to streamline their projects for efficiency, cost cutting and the improvement of asset performance.

"Improve draws on the experience and capabilities of our global resources and the knowledge accumulated from over 260 improve alliances, approximately 13,000 personnel and finally more than 40,000 projects annually," Worley Parsons improve global director Randy Karren said.

"With a combined capital value in excess of $4 billion, these projects deliver an estimated value of $6 billion per annum to our customers.

"Our preferred approach is to establish integrated teams with our customers, focused on safely achieving business objectives whilst reducing costs, adding value and improving their asset performance.

"Our success in long-term relationships is based on accurate assessment, extensive relevant experience, an open and communicative culture and our commitment to flexibility and continuous improvement."

Finally, the major projects business line will be responsible for winning and leading the execution of large or complex projects all over the world and will be supported by dedicated major project execution centres.

The company expects each of the three business lines will be able to act independently and will be responsible for customer satisfaction, sustainable earnings and return on capital investment.

In addition to the business line restructure, Worley has advised of an attempt to reduce corporate overheads by streamlining the corporate office to be "lean".

The company has not ruled out job cuts as it goes about restructuring its business, with Wood refusing to give a concrete number on job losses when pressed on the issue.