SEYMOUR WHYTE SECURES NEW PROJECTS
Written on the 17 January 2014
CONSTRUCTION group Seymour Whyte (ASX:SWL) has secured an additional $62 million in Queensland work.
In a joint venture with design firm Parson Brinckerhoff Australia, SWL has won the contract for the Smith Street / Olsen Avenue Interchange Project on the Gold Coast from the Department of Transport and Main Roads.
The company has also been awarded two TNRP Flood Recovery projects, a North Coast Pavement and Slope Rehabilitation Project and the Warrego Highway (Marburg to Dinmore) highway rectification.
“With these wins, the FY14 company order book requires only $30 million in additional project works to be delivered to underpin our forecast earnings,” says managing director and CEO David McAdam.
The partnership on the Gold Coast project is a new take on the traditional designer-constructor relationship, according to McAdam.
“This may be the first time in the civil construction industry that a true joint venture has been developed with the design partner, further enhancing the benefits to the project, our client and our D&C team,” he says.
Work on Smith Street is expected to commence in February and take 18 months to complete.
SWL is trading up 2.04 per cent at $1.250 per unit.