SEYMOUR WHYTE BUILDS WORKBOOK WITH $110M PORT DRIVE DEAL
Written on the 9 June 2016
CONSTRUCTION firm Seymour Whyte (ASX:SWL) will deliver the $110 million Port Drive upgrade for Port of Brisbane.
The project involves duplicating the 4.5km Port Drive for safer access to the port, constructing a four-lane overpass, improving road networks and duplicating the Lucinda Drive Bridge on Fisherman Islands.
Seymour Whyte managing director and CEO John Kirkwood says the appointment demonstrates industry confidence in the firm's capabilities.
"Our proven track record to deliver complex projects provides the certainty for Port of Brisbane to increase transport efficiency to and from the Port of Brisbane that is necessary for the expansion of one of Australia's fastest growing ports," Kirkwood says.
"Across the group, we are seeing a more favourable outlook, with improving momentum in public infrastructure opportunities where the group is either shortlisted or preferred tenderer on a number of airport and transport infrastructure projects in NSW and Queensland."
Seymour Whyte's order book has been bumped up to $380 million which is expected to be delivered in FY17. The project will not impact the company's FY16 profit forecast of between $1 and $2 million.
The Port of Brisbane handles more than $50 billion in trade each year, with more than 3.1 million vehicles accessing the port.
Port of Brisbane CEO Roy Cummins says the upgrade will ensure the facility meets future growth.
"Port of Brisbane takes a long-term view to infrastructure planning and safety, which is why we are bringing forward this significant investment ahead of capacity demand," Cummins says.
"This will deliver safer port roads for all users. The Port Drive Upgrade is a necessary and early step in ensuring the Port continues to play its role in supporting Queensland's trade growth and delivering supply chain efficiencies for decades to come."
The project is expected to support 390 jobs, with early works to begin next month. Constuction is expected to be completed in 2018.