Monadelphous shares gain after renewing Shell contract
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Monadelphous lifted on the ASX after the engineering group announced it had been awarded a major long-term maintenance and minor construction services contract with Shell Australia.
The numbers: The seven-year agreement will commence in November at the expiry of Monadelphous' existing nine-year contract with Shell.
Monadelphous shares were up 1.6% to $12.79 by 12:30pm AEST, having lowered over 13% since January.
The context: Under the contract, Monadelphous will continue providing onshore project management and planning services at Shell Australia's head office in Perth.
It will also provide offshore maintenance services at Shell's Prelude floating liquefied natural gas facility, located in the Browse Basin, around 475 kilometres from Broome, WA.
What they said: Monadelphous managing director Zoran Bebic said: "Renewing this significant contract demonstrates Monadelphous' leadership position in the Australian energy maintenance market, both onshore and offshore".
The source: ASX announcement
