Monadelphous secures new contracts worth $170m
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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 and contract extensions total approximately $170 million. Shares in the company are up 8.4% so far this year.
The context: The Perth-based engineering group had in August flagged the potential for strong order flows from resources and energy companies as demand for commodities remains strong. Its latest contracts include Lynas Rare Earths' stage 1 construction of its Mt Weld Expansion project in WA, upgrades at Fortescue’s Anderson Point iron ore stockyard in Port Hedland, and extension of an agreement with BHP for general maintenance services to its iron ore operations in the Pilbara.
The source: ASX announcement
