Monadelphous secures new contracts worth $120m

The news: Engineering firm Monadelphous Group has secured several new construction and maintenance contracts in the resources and energy sectors, bolstering its order book.

The numbers: Monadelphous said its new contracts total approximately $120 million. Shares in the company are down 8.3% so far this year.

The context: The Perth-based engineering group said the latest wins include a three-year contract extension to provide capital projects and maintenance support at gold miner Newmont’s Lihir mine, two contracts with Rio Tinto in the Pilbara region, and a three-year contract extension for Dalrymple Bay coal terminal in Queensland.

The company had lifted its half-year profit and dividend in February on the back of strong order flows from resources and energy companies.