Australian engineering and services giant Worley on Tuesday requested an immediate trading halt on its shares pending a “clarificatory announcement” to the market.

Worley said the upcoming announcement would respond to media reports on Tuesday relating to its recent arbitral loss.

The company late last month confirmed it was evaluating its options after losing international arbitration against Ecuador relating to historic contracts with state oil company Petroecuador, for which it had claimed almost US$200 million.

“This announcement will respond to today’s media. Worley refers to its previous announcement dated 27 December 2023 on the Ecuador arbitration,” the company said in an Australian Stock Exchange (ASX) filing.

“We request that the temporary trading halt on Worley shares remain in place pending a further announcement later today responding to today’s media.”

The contractor added: “Unless the ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 11 January 2024 or when the announcement is released to the market.”

Worley earlier on Tuesday had announced a temporary trading pause in its securities on the ASX.