Valmec Secures $11.8 Million in New Oil and Gas Contracts, Australia
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Valmec Ltd is continuing to build a healthy order book by securing additional contracts through its oil, gas and Infrastructure divisions totaling $11.8 million.
The contracts, which are based in Western Australia and in New South Wales, extend across a number of industries, including oil and gas maintenance services, construction and government infrastructure.
Significantly, Valmec won a $24 million contract in March to service Origin Energy Ltd’s Australian Pacific LNG joint venture in Queensland.
Valmec continues to be engaged by clients on a number of early contractor involvement (ECI) activities and tender opportunities on East Coast gas development projects.
Sales revenue for 1H FY2016 was $26.9 million, an increase of 2 percent on the previous corresponding period.
Notwithstanding challenging conditions within the resources sector, Valmec’s balance sheet remains resilient with net assets of $15.7 million as on December 31, 2015.
Source: (May 27, 2016) Proactive Investors
About Valmec
Valmec Ltd provides specialized packaged equipment, construction, maintenance, commissioning and integrity maintenance services to the resources, energy and infrastructure sectors.
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