AusGroup secures A$26 million contract
Wednesday, Mar 19, 2008

A$26m contract awarded to fabricate, supply and install structural, mechanical piping and electrical systems for a new iron ore facility in Western Australia

SINGAPORE – 19 March 2008 AusGroup Limited (“AGL” or “AusGroup” or “the Group”), an energy and resources specialist is pleased to announce that it has secured a new contract amounting to approximately A$26 million. AusGroup secured the new contract from a global mining & resources firm to fabricate, supply and install structural, mechanical, piping and electrical systems for a new iron ore facility in Western Australia. The work is scheduled to commence in May 2008 and will be completed by Nov 2008.

“ These orders take our Group order book to A$180 million. What is pleasing is the contract represent a new “blue chip” client in the booming Western Australian iron ore industry. The Group is well positioned to continue to secure opportunities in both the oil and gas and minerals sectors and build on our order book. The latest Australian Bureau of Statistics (ABS) survey data point at continued strong capex growth for Australia’s mining and resources sector. The first estimate for FY08 has been released and is recorded at A$30.0 billion, 12.6% higher than the corresponding estimate for FY07.

On the back of this strong outlook we are experiencing record levels of enquiries from current and new clients across the Group. In such an environment the group is implementing a more focused tender selection process to ensure we target and secure projects that will deliver strong returns to our shareholders. ”

Mr John Sheridan, Managing Director of AusGroup

About AusGroup Limited (Bloomberg Code: AUSG.SP)

AusGroup Limited is a mainboard-listed energy & resources specialist. It is primarily based in Australia, where it is a dominant player in the supply of total engineering solutions, which includes fabrication, mechanical installations and maintenance. Being involved in the building, maintaining and upgrading of infrastructure, plant and equipment used in the extraction and processing of energy & resources, AusGroup is well positioned to benefit from the increasing capital investments in these industries. Through its acquisition of Cactus Engineering, AusGroup has established a presence in Singapore, which will be used as a platform to more regional growth.

For more information please visit our website at: www.ausclad.com.au

Issued for and on behalf of AusGroup Limited

By Financial PR Pte Ltd

 

Source: AusGroup

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