Monadelphous shares lift on Woodside contract
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More news: Shares in Monadelphous Group rose more than 2% in early trade to $12.82 each after the engineering firm said it has been awarded a $200 million construction contract by oil and gas giant Woodside.
Monadelphous will work on modifications at the Pluto liquefied natural gas facility in Western Australia. This will enable gas from the Scarborough Energy project to be processed at the Pluto Train 1 facilities.
Monadelphous shares are still down about 14% so far this year.
Monadelphous wins $200m contract from Woodside
The news: Engineering firm Monadelphous Group has been awarded a construction contract by oil and gas giant Woodside for modifications at its Pluto liquefied natural gas facility.
The numbers: Monadelphous said the new contract is valued at $200 million. Shares in the company are down more than 15% so far this year and last closed at $12.56.
The context: The Woodside contract includes mechanical, electrical, instrumentation and commissioning works required for the modifications to the existing Pluto LNG Train 1 facility and associated infrastructure near Karratha in Western Australia.
This will enable gas from the Scarborough Energy project to be processed at the Pluto Train 1 facilities. The Perth-based Monadelphous currently provides maintenance, shutdown, and brownfields project services under a long-term agreement at various Woodside-operated onshore and offshore gas production facilities.
The source: ASX announcement
